Head & Shoulders pattern: C-wave

Chart description

Skewed H&S pattern. Looks confirmed;
Price broke previous local high;
Additional confirmation 50/100 sma cross;
Expecting this to be a C-wave (3rd wave);
Intermediate price targets laid out in chart

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Price is still moving within the base channel. Seems like we're on the verge of a 3rd wave extension. Red wave count is not supported by RSI and the final price structure (box) suggests a build-up. Time will tell.

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Some long-term perspective on STX. Other views/insights are much appreciated.

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MACD Hook (1h) confirmed more bullish action

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Honnestly believe this might be it! If BTC breaks 65k then w4 is finished.

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Have this primary BTC scenario in mind.

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As anticipated, BTC's price moved further down and showed a nice reaction on the 1.23fib lvl. As for STX, the previous move might be another 1-2 setup, which would indicate a different ew count. For that, I keep in mind a finished WXY (triangle Y).

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Keeping it simple. If BTC can break $64.5k then wave C is finished (w4) and we're looking at a potential w5 in the making. **My chart displays a 1-2,1-2 setup, but probabilities are low. For that, we need see some volume. MACD(4h) could go first a bit lower to finished w5(2) before a ZLR to support w5(3). Either way, I want BTC to take out 65k.

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Update BTC:

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BTC's attempt to break 65k!!

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Boom! HH

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As long as we don't go below $1.84, I expect STX to still make a big move up.

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BTC update.

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**Retract my BTC ew chart from 24th of Sept. A 'zigzag' pattern for a wave-Y is not allowed because wave B is longer than wave C. Nevertheless, I'm holding on to a bullish narative untill the chart tells me otherwise.

HeftyBreadRoll

Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.

HeftyBreadRoll