TRADING ANALYSIS: [NLG] latest dip, an expanding Wolfe wave
Hello Guldeners, Steemians and all the others :p
I got a lot of questions regarding latest pullback in NLG/BTC pair, I guess the large increase in Gulden members on the slack: guldencommunity.slack.com (now close to 3500 people) is a reason for it.
Well here I go:
1. The wedge in the spike went a little bit 'too short'.
I was expecting it to go closer to 5500, instead price made a double top and start reversing on a H1 timeframe.
2. Price made 2 drops
So it looked like a 2 legged pullback BUT no trendline was broken. Price broked it in a spike (first pullback failure works both ways) just to take 'fuel' for a third drop, turning a nice 2 legged pullback into a wedge of some sort
3. That sort of wedge is an expanding wolfe wave.
At this point price will probably filled the gap at 3400 before reversing in the bullish trend direction. If the Wolfe wave is valided the orange line will be hit. I let you check everything about Wolfe wave (be curious !).
4. Push 2 is not ever yet.
First let's admire this nice W shape that could promise some extended trending period. At this point 20 eurocents seems possible (which in itself is already waaaaay past most people expectations for Gulden in 2017). Long term trend line has not been breach in anyway so long-term is still bullish.
Short-term the discounted prices from this wedge/wolfe wave will not last long.
5. Still valide
I posted this chart a few days ago, yet nothing change so far and it's still a valid analysis.
All the best to you all,
TCL, Cédric
Welcome to Steemit :)
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