AXS might be entering Corrective Phase
Based on my Elliott Wave count (be I could do at least), AXS is entering wave A of the Corrective phase. My Fibonacci Extension is purely for visual aid, if my thesis is correct, once wave A is complete, it'll be easier to chart wave C, by simply plotting a 1:1 Fibonacci Extension (wave A equal to wave C).
I'm planning to carefully start laddering a Short position, keeping a close eye on BTC, since AXS has been extremely reactive to any BTC price action this week.
Looking at the Level 2 imbalance between Bid and Ask volume for AXS (FTX exchange) of about 40%, seems like the market is eager to sell. On a longer timeframe of 4 hours, MACD is beginning to fizzle out.
Ideally I hope for wave A to land somewhere in the 0.786 (~$61) region.
I'm planning to carefully start laddering a Short position, keeping a close eye on BTC, since AXS has been extremely reactive to any BTC price action this week.
Looking at the Level 2 imbalance between Bid and Ask volume for AXS (FTX exchange) of about 40%, seems like the market is eager to sell. On a longer timeframe of 4 hours, MACD is beginning to fizzle out.
Ideally I hope for wave A to land somewhere in the 0.786 (~$61) region.
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