Bullish Potential
The rally from September 2017 low to January 2018 high is clearly impulsive, no much overlapping internally, making a very strong upward move within a relatively short period of time.
What really catch my eye is the price movement after it peaked at 0.72 on 5 January this year. We can roughly count the decline in 3 waves. It retraced exactly 61.8% (a very common retracement level for the second wave within a larger 5-wave impulsive sequence) of the previous impulsive rally (also near the end of blue wave iv).
If the red (i)-(ii) count is correct, we should expect another strong move to break the January high in the near future.
For the short term, another close above the recent high of 0.5 would support the overall bullish count and would probably signal further upside potential.
What really catch my eye is the price movement after it peaked at 0.72 on 5 January this year. We can roughly count the decline in 3 waves. It retraced exactly 61.8% (a very common retracement level for the second wave within a larger 5-wave impulsive sequence) of the previous impulsive rally (also near the end of blue wave iv).
If the red (i)-(ii) count is correct, we should expect another strong move to break the January high in the near future.
For the short term, another close above the recent high of 0.5 would support the overall bullish count and would probably signal further upside potential.
'When you have eliminated the impossible, whatever remains, however improbable must be the truth.'
Email：info@ewc.space
Email：info@ewc.space
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