SUMMARY
MatchPool (GUP) is probably exceeded most expectations on the depth of the retracement. Regardless, it still remains a correction. The red A and B have been subdivided and shows it to be a flat type. Wave C is a marginal lower low as shown in below chart. The completion of the downward wedge is also apparent as labeled by completed a,b,c,d,e.
The resulting breakout thus far looks impulsive but a larger degree of trend still views as a three wavish pattern. So, what would be ideal is a higher high. However, the corrective minor abc (red) needs to complete and thus far only waves a,b seem done. Wave c is likely to bring prices to at or around wave 4 region.
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That's in depth analysis,waiting for c wave to complete.Hope that should not be huge,always find your post informative,that's why i follow you.But some idiot whenever i comment on your post they flag me.Whatever happens i am always with you sir.Thank's for such useful post.@upvoted
Thank's to @haejin sir for your vote.
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Nice technical analysis. Does it mean that the coin has reach an accumulation stage?
Upvote back
Being that you're evaluating the GUP/BTC pair, could the fact that BTC is in the midst of a strong correction itself explain the extended retracement?
This is the GUP/USD pair for the same interval as your first chart:
And the GUP/USD pair as to your second chart:
There seems to be a stable resistance level around USD $0.47.
BTC has been so volatile during this period. That resistance level measured in USD was 0.00017 BTC 7 months ago. The same resistance level now is 0.00005 BTC.
Is this a factor when you consider the extended retracement?
It has everything to do with nested complexity. BTC is the high order coin, while fiat currencies continue to be the underlying instrument. I think we should expect that Elliot Wave analysis will sometimes fail to demonstrate the patterns we expect in periods of high volatility when our trading pairs consist of a high market cap coin, and a low market cap one.
They will essentially trade flat relative to each other during a correction. Laddering can still be used here to preserve value against the fundamental fiat currencies. This is where @haejin's philosophy works. It softens the blow in a steep correction.
@haejin $upvote me post steem @joelpaseearon 🙏🙏🙏🙏🙏🙏🙏🙏
Hi @haejin. I'd be lying if I said I understood the post, I'm pretty new to everything crypto related. Nonetheless I can tell there's fact and effort in it. I also wanted to ask if you could upvote my post, one from you would really help. Thanks.
Please use some simple english words..
Please do a $STOX update! Also some other super-low caps like $XAS $ETP $CAG $AIX and maybe $VEE and $NAS as mid caps