Today, we made a new low at $6.75 which punctured the june 24th low of $6.8926.
There is a clear and completed ABC pattern that was anticipated since last month, which was terminated on June 24th's low. (See related idea: Keep track of this short opportunity).
The question now becomes: Is the wave 1 of the impulse to the upside still intact although we wicked below the start of wave 1? (Dogi on H12 chart)
It is not the first time that EOS retraced 100% of wave 1 with a wick and closed above.
I am willing to take a shot and go long at this price with a manual sl should the daily close below $6.8926. In that case, it would become clear that the assumed wave 1 is no longer intact.
The upside is huge and the downside is limited. I don't see a reason to not take this opportunity.
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Here is a historical example of how EOS retraced 100% of wave ones with a wick.
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I held strong as daily never closed below. I will add on breaks of all local resistances to build a bigger position size.
Happy Trading !