ALGO Cup & Handle Formation
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Many alts still trading near the lows looking very bullish in preparation to breakout to the upside. Theyve been consolidating at the lows for very long time and ready to rock & roll.
Entry here is a bit high in terms of risk:reward with the stop loss at the last low ~$0.15.
I suspect a liquidity grad could take place first (retest the breakout) but that may not happen.
You can also look for entry after move up along the top of the c&h line where resistance will be looking to turn into support, thats where bulls will be setting up their next move higher to take out shorts.
Min target is $0.83 which is approx 4x from this 19c range. I would love to get a liquidity dip down to $0.10 before moving higher but that is unlikely to happen, possible but unlikely.
ALGO has taken a very long time with price action so I dont mind entering higher than cycle low ~8c. *c to 25c was a sweet 3x for those of you who bought n took profits, so now lets focus on the move higher to retest that $0.80 to $1 zone
The measured move (cup height) takes us to this zone. EW fib extension calculates to same zone, and we realign with the 0.236 fib retracement all surrounding a major support level that was broken on move down. If bull can reclaim that and turn it back into support, AGLO can continue much higher to complete the EW 5 wave sequence
Entry here is a bit high in terms of risk:reward with the stop loss at the last low ~$0.15.
I suspect a liquidity grad could take place first (retest the breakout) but that may not happen.
You can also look for entry after move up along the top of the c&h line where resistance will be looking to turn into support, thats where bulls will be setting up their next move higher to take out shorts.
Min target is $0.83 which is approx 4x from this 19c range. I would love to get a liquidity dip down to $0.10 before moving higher but that is unlikely to happen, possible but unlikely.
ALGO has taken a very long time with price action so I dont mind entering higher than cycle low ~8c. *c to 25c was a sweet 3x for those of you who bought n took profits, so now lets focus on the move higher to retest that $0.80 to $1 zone
The measured move (cup height) takes us to this zone. EW fib extension calculates to same zone, and we realign with the 0.236 fib retracement all surrounding a major support level that was broken on move down. If bull can reclaim that and turn it back into support, AGLO can continue much higher to complete the EW 5 wave sequence
Nota
EW count with calculated targetsNota
the BEARISH outlook if you, like me, are skeptical and anticipating some type of covid-crash type dump in markets (aka shake out weak hands) b4 we really start the true real bull run
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