Andy1GP

As the title statesGold Correction - Buy opportunity for RecessionLooking for entries for spot buying to hold during imminent recession.Targets based off of 1:1 extension of ABC A:C correction and 2nd target 1.618 of the measured move of Wave ATimeframe Jan - Feb 2025

Using a new chart to simply see where MOVR could go this cycle.Base Idea is that recession will ensue post Trump inauguration and that will send all markets into turmoil.Timeframe Feb 2025With this in mind I don't see a NEW ATH for MOVR but a new cycle high for sure.Idea's posted on chart using simple EWT with primary and alternate ideas. Red being my conservative take and I've positioned accordinglyPeak targets from $115-$170 with the alternate idea reaching upwards of $200

Looking at the chart I'm thinking we could see a .618 to .702 retracement with possibly up to .786As the wave count develops I'll adjust the chart and idea but as it stands with the wave 1 and 2 assumed complete the trend based fib gives us 1.618 target for now

Basic thesis as on chart using EWT along with channelConfluence with Fib and trend based fibTP predictions26334363

As depicted on the chart the potential of reaching $430 seems quite likelyWith a smaller chance of wave 5 overextending and reaching a $990 targetA lot of hypotheticals relying on this so I'll have to revisit in future to adjust the timeframe and wave count

Lesson to self, never fall in love with a project. It hurts you financiallyThis is as honest a prediction as I can make, yes I am biased but I am also objectiveEWT count is purely speculative. Too early to count any of the waves up and the channel is also fictitious based off a probably wave 4 bottom forming way higher upLet's see how it ages and I'll come back and revisit it in future and update...

Quite easy to get confluence on this chartSome basic ideas in trends and channel expectations meet with fib extensions and trend based fib.Targets depicted on chart at the 1.618 and 1:1 and channel line (measured from wave 2 and 4 and transposed to W3)100-130 should be easily met in the coming months

Basic outlook for TAO movement going forwardWill update as new wave structures developBUllish

If EWT plays out as depicted the timeframe should adhere to it within this year 2024. End of wave 5 before November '24Current retrace could be close to completed as we wicked to the .618 retrace on the shorter timeframe (start of impulse 1 base $3.8 to $44) with .702 being the final target ($8 if we get there)Wave 3 target could be either within 61-88 (97) range. 0.618-.702 fib range from larger weekly timeframe. Short pullback to the low $50 range then completion of wave 5 up to $165 as a minimum target for this BULL. Overperformance can happen if the market cap of MOVR doubles then we will look at closer to ATH of price. This is my conservative outlook for TP and price actionPrimary idea still in play, updated idea is more optimistic and I can definitely see the higher targets play out if dot coretime news continues to make headway...

Simple analysis on current market structure tells me the followingElliot Wave 1 breakout was quite enormous and if it is to adhere to elliot wave theory and if the interpretation is correct, the following wave 3 can't be the shortest of the 3 impulses (1,3,5). Thus the following can be said...Wave 3 has a minimal target of the yellow overhead horizontal line of approximately $200 to comply with the elliot wave basic principleWave 4 correction would ideally fall back to the lower yellow horizontal line which has weekly candle price action support around the $120 target. Giving a 40% price correction which should be in line with healthy bull market structure and timeframe. Given BTC should correct around the same timeframe.Wave 5 completes the cycle with the target being anywhere above $200 and the ATH. No point in speculating the ATH as price discovery can lead to exaggerated targets however personally the target should be close to ATH of $400-500 as this will represent twice the market cap of MOVR at initial ATH (adjusting for token inflation)Combined with bagholders offloading at ATH this should be a good final target