Its price action, like many other of the top ten altcoins is unfortunately still closely aligned to what BTC is doing, but Ive noticed that in the case of OMG it was extremely slow to rise in tandem with BTC's recent gains but was much quicker to fall coupled with a larger percentage drop upon BTC's recent drop. As far as reading charts are concerned im too much of a noob to make a call, but i know that if BTC doesnt break through $4200, at best we could see OMG bumbling along at its current price for the foreseeable future, but im more inclined to agree with your assessment. If BTC falls below $4000 OMG could go much lower than $8.00.
k3m
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I thought Wave 3 can never be the shortest - but here it is, which may falsify your wave count. Im a rookie, tho