CIFR appears to have completed 5 waves for wave (1) of 3 completing at the previous all time High Volume Node where we expect Elliot wave 1s to complete. The orange channel boundary also had a throwover and drop back, an ending pattern!
Wave (2) has an expected shallow pullback of the 38.2 Fibonacci retracement at the daily pivot and High Volume Node support $7 where I will look out for long signals. The ascending 200EMA will also meet this point making it a quadruple support and an excellent opportunity area if price gets there!
If we continue into price discovery the analysis will be invalidated and I'll take a breakout long.
Daily RSI hit overbought but has since fell with no divergence.
Safe trading
Wave (2) has an expected shallow pullback of the 38.2 Fibonacci retracement at the daily pivot and High Volume Node support $7 where I will look out for long signals. The ascending 200EMA will also meet this point making it a quadruple support and an excellent opportunity area if price gets there!
If we continue into price discovery the analysis will be invalidated and I'll take a breakout long.
Daily RSI hit overbought but has since fell with no divergence.
Safe trading
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