Bullish Scenario for ALGO

13 May 2021

Hey guys, I present the linear chart this time instead of the logarithmic just to change it up. Looking at the chart we can see we are stuck in this triangular formation touching the 100 day EMA each time (Except one outlier). We have finished wave [4] and ABC correction on the longer time frame (Blue and yellow markings). We are looking for that longer wave 5 move which i think will follow this ABCDE breakout (Orange markings) and smaller 12345 Elliot wave pattern (Green Markings) within the triangle (Just a rough placement for E, don't take to heart). There is a small chance we revisit the lower part of the triangle after wave E however we would be nearing the end of this financial year and I'm expecting a push to the upside just before financial year end, hence i thin it's more likely to continue pushing up from wave E.

Once we break the triangular formation a push up to the yearly high of approx. $1.85 (marked by pink line) would fulfil the smaller timeframe wave 3 (green). From this point it is more speculation, but we could see a retest of the triangle formation four the wave 4 of the smaller time frame Elliot wave, or we could push past this point for an extended wave 3... Targets for the 5th wave (Green and Yellow) start at $2.30 and work up to $4.80, however i'll be adjusting targets the closer we get to finishing this triangular breakout. See please don't take these to heart. Still expecting this daily Elliot wave count to finish before the end of financial year. Enjoy the staking and patience will be rewarded. Thanks