BITFINEX:OMGUSD   OmiseGo / Dollar
OMG in a possible WW pattern.
4hr MACD crossing 0.
Market eyes point 5 of line 1-3.

Technicals of WW:
1 - Points 1-2 should be FARTHER apart than points 3-4
2 - Point4 should exist WITHIN the range of Points 1 and 2
3 - The lines defined by these points should be referred to as Line 2-4 and Line 1-3
4 - Line 2-4 and Line 1-3 should CONVERGE always
5 - IF Lines 2-4 and 1-3 converge DOWNWARD (as in this case), expect a significant rally to occur ONCE price reaches point-5 (RARE), or Point-5' (MOST COMMON), or Point 5" (RAREST EVENT) - This would constitute a BULLISH WW
6 - IF Lines 2-4 and 1-3 converge UPWARD (opposite to this case), expect a significant rally to occur ONCE price reaches point-5 (RARE), or Point-5' (MOST COMMON), or Point 5" (RAREST EVENT) - This would constitute a BEARISH WW
7 - A NEW line should be defined, connecting Point-1 and Point-4, as follows:
Bình luận: This is funny!

I found on my past charts this (nice surprise)

Bình luận: Comparing the above picture i have sorted a new WW pattern that could play nicely.
Although we need to break above strong resistance: 4hr - MA100 , MA50

If market BACA (breaks above closes above) 10usd we could rally to line 1-4.

snapshot
Bình luận: support targets hit.
Thanks for the analysis. Can you distinguish the 5, 5', and 5'' points?
Phản hồi
@scondon,

point 5' would be defined by the parallel line of line 2-4 starting from point 3
point 5'' would be defined by the parallel line of line 2-4 starting from point 1

snapshot
Phản hồi
scondon IamCryptoWolf
@IamCryptoWolf, Great, thanks for the explanation! So the primary target is point 5, but 5' and 5" are possible. That is quite a drop!
Phản hồi
@scondon, nevertheless i some cases if we are in a strong bullish ww pattern point 5 could not touch line 1-3.
I would consider to look closely 6.1 - 5.5 area for reversal
+1 Phản hồi
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