AUTO - Massive channel is breaking out! Huge gains, Elliott Wave

1 Ağu 2022

• First of all, I want you to take a look at the volume indicator. As you can see, we have huge bullish volume!
  
• On the daily chart, there is a descending parallel channel that has been destroyed by the bulls recently.
  
• Also, there is a local symmetrical triangle that looks like it is also breaking out, so we have a double breakout, which is nice to see!
  
• Impulse Elliott Wave has been completed (5-3-5-3-5), and because of that, I expect a bullish retracement.
  
• The profit target is at the end of the previous wave 4.
  
• I don't have the historical data to put a fibonacci retracement from the previous all-time high, but it was around 13 500 USDT.
  
• I think this is a pretty good setup to buy this coin on the spot market.
  
• I expect tremendous gains for selected altcoins. You can find them in the related section down below.
  
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