Quick Trade QSP has broke out of it's symmetrical triangle formation.
Entry point is around now 0.00001890
Resistance Fib 0.5 (0.00001952) Fib 0.618(0.0000201) Fib 0.786(0.00002119) expecting the breakout to reach about Fib 1.272 (0.00002403)
Set your sells for a bit below these points of resistance to take profit.
Stop loss around 0.00001800
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the second wave has formed in the breakout, here is my guess at its trajectory
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update: A little calculation error from before in the original post. Target should be Fib 1 (0.00002244) not Fib 1.272 (0.00002403) ty
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So far so good, took some profit at the recent high
Also realized I counted the first group of waves wrong. I am running on little sleep, but am confident about this current pattern.
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this has more movement than I thought. Looks like it is testing the FIB 0.786. Wave 3 is usually the longest wave, I expect it to reverse trends soon to wave 4, which should not overlap with the prices of wave 1. More to come
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We are seeing some support at the Fib 0.5 level as expected (see my previous update, i posted it as a comment by accident). I would wait for more confirmation on a green closed candle in the 2hr or 4hr before buying in for wave 5, to be safe.
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Here is an update on the QSP breakout. It looks like it completed the Elkiot wave a lot faster than I thought it would, so I re-labbeled the waves, now it looks like it is finishing the corrective a-b-c. It's finding good support at around the Fib 0.618 retrace, wave c maybe finding support at Fib 0.5. If it holds, there may be a chance it will continue the upwards momentum, given the bullish 50EMA/200EMA crossover.
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that last update had a crappy image with the label blocking everything. Here is a better view:
Congrats if you follow the trade and profited.
Wave 3 has finally found resistance at the 0.786 Waiting for retrace to the 0.618 or 0.5 level. My guess is that it will land around .618 because of the many supports it found on the way up.
I will wait until it has completed wave 4 and possibly buy back in for the final push of 5.
Congrats if you follow the trade and profited.
Wave 3 has finally found resistance at the 0.786 Waiting for retrace to the 0.618 or 0.5 level. My guess is that it will land around .618 because of the many supports it found on the way up.
I will wait until it has completed wave 4 and possibly buy back in for the final push of 5.