Head & Shoulders pattern: C-wave
Chart description
- Skewed H&S pattern. Looks confirmed;
- Price broke previous local high;
- Additional confirmation 50/100 sma cross;
- Expecting this to be a C-wave (3rd wave);
- Intermediate price targets laid out in chart
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Price is still moving within the base channel. Seems like we're on the verge of a 3rd wave extension. Red wave count is not supported by RSI and the final price structure (box) suggests a build-up. Time will tell.
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Some long-term perspective on STX. Other views/insights are much appreciated.
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MACD Hook (1h) confirmed more bullish actionملاحظة
Honnestly believe this might be it! If BTC breaks 65k then w4 is finished.
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Have this primary BTC scenario in mind.
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As anticipated, BTC's price moved further down and showed a nice reaction on the 1.23fib lvl. As for STX, the previous move might be another 1-2 setup, which would indicate a different ew count. For that, I keep in mind a finished WXY (triangle Y). ملاحظة
Keeping it simple. If BTC can break 64.5k then wave C is finished (w4) and we're looking at a potential w5 in the making. **My chart displays a 1-2,1-2 setup, but probabilities are low. For that, we need see some volume. MACD(4h) could go first a bit lower to finished w5(2) before a ZLR to support w5(3). Either way, I want BTC to take out 65k.
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Update BTC:
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BTC's attempt to break 65k!!ملاحظة
Boom! HHملاحظة
As long as we don't go below $1.84, I expect STX to still make a big move up.ملاحظة
BTC update.
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**Retract my BTC ew chart from 24th of Sept. A 'zigzag' pattern for a wave-Y is not allowed because wave B is longer than wave C. Nevertheless, I'm holding on to a bullish narative untill the chart tells me otherwise.
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