WAVES is currently in an ascending broadening channel upwards, but I think it is in a a process of a failure and will break trend.
As you can see, the pattern has touched the bottom channel 3 times and is now losing steam to break out higher. It has broken out of the flatbase pattern and met its target, but it's showing a bit weaker signals in the MACD which leads me to believe it will break out of the channel downwards.
On the 4hr chart, a top tweezer candle is also forming, this usually signifies a change in trends, and with the MACD at its peak, downwards movement is highly likely.
As you can see, the pattern has touched the bottom channel 3 times and is now losing steam to break out higher. It has broken out of the flatbase pattern and met its target, but it's showing a bit weaker signals in the MACD which leads me to believe it will break out of the channel downwards.
On the 4hr chart, a top tweezer candle is also forming, this usually signifies a change in trends, and with the MACD at its peak, downwards movement is highly likely.
Down trend has begun, but might be for the short term I believe.
MACD reversing, I’m looking at 2.618 as the next stop, or test the 50 EMA. Which by then it might use it as support since the 50 and 200 are crossing over. My original view of the channel might be wrong, will have to monitor. If I was wrong, it might be a good chance to buy in during this dip if it indeed uses the 50EMA as a support to continue a longer upwards trend.