My view on this whole situation has changed. This first scenario to me seems the most likely. What makes my first analysis change is the crossover from the initial wave 4 into the zone of Wave 1. What this is telling us is that we have 5 initial waves in the beginning, starting in Late november. You can even confirm this on the , two very important indicators. What this leads me to believe is is that we are on course for 2 separate waves trending upwards, and what we witnessed was our first initial impulse wave followed by wave 2. Now I'm using the Poloniex chart again even though I use Bittrex, but this chart is just the one that makes the most sense to me.
If this is the case. It is very important that we break through the 75 cent resistance line. NXT is moving very correlated to Bitcoin right now, and I'm actually using it too hedge the progress of Bitcoin . Now, what matters here the most is market sentiment. Right now it is very , and the progress of the Bitcoin Futures has not made the world burn just yet. That's why my target for Bitcoin still remains around the 21k-22k mark, and I think NXT should follow that pattern. Wave 2 retraced to a .786 Fib level, it is not uncommon, but what we have to recognize most is the market sentiment. When it retraced back to that level, Bitcoin was tanking, and so was the rest of the market. So in that case, it is not uncommon at all. Now when the market converts from a very short term market to a bull market very quickly, like what we have seen, sometimes in the crypto market - extended wave 3s happen (because everyone loves that good ol' FOMO), and it gives room for larger retraces for Wave 4. So we must also watch out for that. However, if this is a second sub wave forming, then we have this possibility. It forms with the idea of Bitcoin breaking the $17,000 level again and heading for new highs. So make sure you keep up with the price of Bitcoin and overall sentiment.
So for this argument, Are first target is aiming for anywhere between $0.77 and $0.89. And a support line of the top of wave 1 will confirm this for us. Our second target will then go upwards of $1.05. BUT, This is all contingent on how Bitcoin does. Next update will be possibility #2.
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BAM got it. lol I am a novice at this.
Okay, so here is the second scenario. This isn't the first time NXT has seen a large impulse, it's actually what put them on the map. But what scares me the most about this is that it would change every one of these waves to now be one full wave, meaning we have already seen the peak. And all this run would be is an extreme headfake and we all burn in hell as it lowers and lowers and lowers in price. Now, I don't think I favor this outcome, but it is still VERY possible.
What defers me from this is the total accumulation faze that it had after its first initial peak, It was far too long and retraced a great amount of its initial gain. And for Waves 3 and 5 to be so quick and extended it kind of throws me off. But this market is a fast one, and we have to be ready for anything. Now, what supports this, is the scenario that Bitcoin is also giving a headfake, and is headed to hell as well. Bitcoin has broken all types of resistances and has an incredible amount of bullishness behind it. Bitcoin is due, but I don't see that happening just yet. I will probably upload my projection of Bitcoin. But hell, with Bitcoin, 90% of analyst get it wrong. I want to play this one out and see where it goes. But these are two very critical out comes and the possibility of this re-entering a fib level of .618 downward of $.35 is not a 0% chance. It's just something to be aware, and should make you very cautious right now.
As this unravels, scenario 1 is looking like what what we're getting here. The previous run up from $0.41 was still a part of the correction. I'll update with another picture of what happened.
I think we finished wave 1 and are on course for wave 3 after this correction stopped at the .618 level. New targets:
Target 1 range:
$0.86 - $0.92
Target 2 Range:
$0.98 - $1.05
Love using NXT as my secondary indicator to BTC.
Both just finished Wave 2 correction and are headed onto wave 3.
Dear lord baby jesus don't play games with me now.
Target 1 ($0.86+) Here we come!
Alright, So this target is similar to the first one. But I have to say, we have seen some ODD things from this coin as far as waves and corrections go. So all that I am going to say is that because of this odd activity, I think we are just going to get 2 subwaves in this wave 3. And I will update A new target after this target is hit, If the correction is in favor of this being a wave 3, INSTEAD of just a 2-part subwave.
Keep in mind, I am coming from the idea that we are still on a PRIMARY wave 3, and not a new wave 1 or 5 or whatever. You'll see wave 1 to the left in the white, that is what I am referring to. So because I don't want to assume an extended 3rd wave, I'm just going with 2 subwaves UNTIL we are proven otherwise.
SO, that being said, our target 2 is similar to the first overall projection, It's just going to take a different path:
$1.045 - $1.11
$0.74 - $0.80
(From Middle of Entry to Precise Target)
Chance to Gain:
Chance to Lose:
Probability: High. I mean Snoop Dogg High.
Everything can literally go perfect and Bitcoin can trash it.
LEMME HEAR A 'CASH MONEY'. I sold at that peak right there and I am READY for our wave 5! $1.07 Here we come!
You guys thought that Risk to Reward ratio was nice?? Wait until you see this one!
Chance to Gain: 74.29% (Yes, really)
Chance to Lose: 12.72%
Entry Level: $0.88 - $0.945
Stop Loss: $0.775
Target 1: $1.36
Target 2: $1.49 - $1.58
Precise Target: $1.54
Timeframe: Possibly 1 week
Probability: Completely contingent on how Bitcoin does... I have Bitcoin on a limited time frame (Check out my latest Bitcoin post, been pretty accurate so far), I just don't know how long it will take NXT to correct. So that being said, I am NOT buying into the correction (entry level) until I see a break upwards for our next wave.
Really guys, counting waves on NXT might even be harder than counting waves on Bitcoin. Even though I've predicted 2-3 targets exactly, this coin has thrown me for a loop. We fell 10 cents short of my previous target and that is unacceptable in my opinion. And I'm going to destroy this thing. Right now, I think this thing is done for a while.
BUT i am going to set up a long-term position here because I think we will have the chance of a 200% return. Right now NXT is having a very sharp correction, and I expect it to follow suit with Bitcoin like how it has in the past. This correction prediction is pretty free lance, but to me its safe to assume an ABCDE correction that might tunnel into a MASSIVE descending triangle. If I'm right, all of you will owe me vodka shots. But literally, WHO the hell knows how this will correct.
I just expect it to at least hit my correction targets from between $0.68 and $0.78.
It could very well go lower.
There is no stop loss on here. I'm doing this for a long-term hold. This thing has the jaws of wealth and I'm NOT going to miss it.
Our target will be north of $2. Just don't come in too early and be patient. A lot of people think things will only correct for hours. Guys, this thing just gained like 1,200% in one MONTH. Give it some time and relax, the market likes to foreplay before it goes all in.