Credits to Robot From AlphaCentauri for first noticing this movement of $2GO everytime it make its huge move reaching new All Time Highs. I just updated it to fit my own preference using MACD ,Stochastics and RSI. Why that many? Well, I just want to show how those indicators look like during the big move.
Basically there are four stages:
- New All-Time High (Parabolic Movement) the drop
- Breakout from Consolidation
1. If BOX 2 stays at 23.6 to 38.1 Fib ratios,which are bullish fib levels,then expect it to consolidate at a short period only before continuing its uptrend achieving parabolic.
2. If BOX 2 goes below the 38.1 Fib ratio, which is already considered as neutral to bearish levels, then expect a very long consolidation period.
Chart above is a bigger view of this study. Currenty we are inside the Bluebox inside another bigger Bluebox. Things gets complicated from here,I got confused upon updating the chart to the current,too. It seems like plotting Elliot Wave where there are sub-waves within the bigger primary waves.
Box 2 was held at 38.2% Fib level, that’s why it doesn’t took a long time for a breakout from consolidation to happen. From the chart above, what we are waiting now to unfold is the “uptrend”.
As you see, at the closing of the market, our green Box 4 for uptrend was already filled-up as we expected. Thus proving our waiting to be worthy.
I made +20% gain from that 4 days hold when I bought at May 2 candle. The last candle on May 5, where I sold my shares,was an asspak/needle which shows a price rejection at 261.8% Fib level.