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My TA1 Wave 3 got invalidated with recent price action, I revised my elliot wave theory with 3 options above what do you think it is? TA 1: Invalidated Impulse Wave Initially, Wave 1 was completed with a high of $2.9043, retraced into Wave 2, and confirmed the beginning of Wave 3 when the price exceeded the high of Wave 1. However, Wave 3 retraced into the price level of Wave 1, which violates Elliott Wave rules for an impulse structure. While some might argue "it was just a wick," strict Elliott Wave analysis considers this invalidated. As such, the wave count needs to be revisited. TA 2: Currently in Wave 5 We may instead be in Wave 5, which would explain the recent movements. Using Fibonacci retracement tools, I’ve outlined the typical price zone where Wave 5 might conclude - we are in the Zone. Although it is uncommon for Wave 5 to retrace into Wave 4, it’s not impossible. This scenario aligns with the broader market, as Bitcoin is in its fifth wave, and XRP could be following suit. If correct, the price target for XRP seems short of the expected $7–$10 range people are expecting. TA 3: Larger Wave 1 in Progress An alternative interpretation is that we’re in the process of forming a larger Wave 1, with the high at $3.4031 marking its completion. XRP could now be entering a corrective phase. This scenario suggests a macro Elliott Wave cycle and implies a longer-term correction before future impulsive waves. While less likely in the short term, it remains plausible if XRP’s recent movements fail to align with a complete impulsive structure.

My analysis was doing well until the price failed to reach a new all-time high, rejecting at $0.4247, breaking through my diagonal support, and invalidating my prior technical analysis (TA). What Happened After adjusting my charts according to the new price action, I now see that the Wave 2 correction started as an A-B-C correction but transitioned into a Triangle Correction. Initially, I tracked this as a WXYXZ correction, which wasn’t entirely incorrect. However, I expected the market to reverse after the "Z" correction. Instead, we saw two additional impulses before the correction ended. I have marked my invalidation lines on the charts for reference. To be fair I like this analysis more than my previous as if you have been following me it was always an issue that Wave C was truncated so this Triangle Correction actually fits much better - Lets see how it goes. Analysis of Events As the market dumped starting at 8:00 AM (AEST) over a five-hour period, approximately 1.556 billion contracts were traded. There was massive volume, over six times higher than Gala's usual trading volume. During this period, the price ranged between $0.03933 and $0.03165, indicating significant absorption. Absorption Explained: During this price consolidation, a substantial number of participants were selling off positions. Under normal circumstances, this volume of selling would push the market further downward. However, it didn’t. The reason? Large buy orders were absorbing the sell orders. What we witnessed was the market dumping into a buying zone, where larger players were waiting to absorb the sell pressure. This indicates that larger market makers entered the market with the expectation that the price is heading upwards. When these players enter at such significant levels, it typically sets the stage for a bullish move in the near future. Updated Technical Observations Invalidation Lines: Clearly marked to reflect the failed reversal after the "Z" correction. Volume Spike: The 6x increase in volume during the sell-off confirms strong market participation. Buy Zone: The price consolidation at $0.03933 - $0.03165 demonstrates a critical accumulation phase. Larger market players entering at these levels strongly imply an upcoming upward momentum. As always, patience and adherence to updated TA will be critical moving forward.As predicted, the wales sent the price up! Watch this thing explode people are literally shorting into this rise, which they will ultimately be liquidated adding creating a rocket ship.Just a reference point the amount of shorts that have just opened up at around 0.03635 is rediculous, lets see if the get liquidated, it will result in a large impulse up.

I had the day off yesterday and missed the downward movement, which, in hindsight, was fairly predictable. There was a noticeable bearish CVD (Cumulative Volume Delta) divergence forming as early as yesterday morning, signaling a potential correction. Despite that, it wasn’t anything too serious. As you can see, price broke out of the diagonal resistance and has since come back to back-test it as support. We’ve successfully held that level as support—definitely a positive sign. Looking ahead, my next target upward is $0.04586, as we continue to work through resistance levels step by step. Key Levels: Support: Holding the back-tested diagonal resistance as support is critical for maintaining bullish momentum. Resistance: Watching for the next significant hurdle at $0.04586, which aligns with the next resistance zone. This progression suggests that Gala is in a healthy consolidation and recovery phase, provided the support levels hold. Keep an eye on volume and market reactions as we approach the $0.04586 target.Sorry guys price broke down this is not ideal.

Bitcoin is currently at a critical juncture, facing channel resistance and hidden bearish divergence on the On-Balance Volume (OBV) indicator. For this bearish signal to be invalidated, the price must break above $102,727. However, buyers have not shown strong support at the current levels, which is essential for a breakout. Without a decisive push from buyers, breaking through this resistance level remains uncertain. Bullish Momentum Despite the challenges, I remain fairly bullish on Bitcoin’s outlook. Every dip is being aggressively bought, as evidenced by the swift recovery from the $90,000 drop, which was absorbed in just two days. This robust buy-up indicates strong bullish momentum and significant interest from market participants. Understanding Bearish Sentiment While I maintain a bullish stance, I understand why some traders expect lower prices. Key factors contributing to this sentiment include: CME Gaps: These gaps are often filled, leading some to anticipate a return to lower levels. Fibonacci Retracement: Price has not retraced to the 0.386 Fib level, which is commonly the minimum retracement for a Wave 4 correction in Elliott Wave Theory. Wave 4 Correction: According to Elliott Wave Theory, if a Wave 4 correction hasn’t fully played out, the price needs to break the high of Wave 3 ($108,353) to confirm the end of Wave 4. Until this occurs, the possibility of an incomplete correction remains a consideration. Bullish Case for Bitcoin In the bullish scenario, the recent correction can be classified as a WXY correction, with Wave Y ending at $89,256. Wave C was truncated, meaning it did not fully extend, leading to a shorter-than-expected correction. This suggests that Bitcoin has transitioned into Wave 5, its final upward impulse. Why Wave 5 Matters Wave 5 is particularly significant as it often coincides with the peak of Bitcoin’s rally and the beginning of Alt Season. Historically, this phase sees strong price action, with dips being short-lived and quickly absorbed by buyers. Alts Rally with Bitcoins Wave 5 As you have seen XRP’s recent breakout means its now technically in its bullish Wave 3 lends further credibility to the bullish case. If Bitcoin were to experience further downside, it could drag XRP down, potentially invalidating its wave count. This scenario seems unlikely, given XRP’s strong momentum. Market Catalysts It seems plausible that Bullish Momentum will rally into the inauguration of Donald Trump. Conclusion Bitcoin’s current price action suggests a strong bullish momentum despite some underlying bearish signals. While caution is warranted due to the hidden OBV divergence and incomplete retracement patterns, the aggressive dip-buying and transition into Wave 5 paint an optimistic picture. The key levels to watch are $102,727 for invalidating bearish signals and $108,353 for confirming the end of Wave 4. For now, the dips are opportunities, and the path forward looks promising for Bitcoin and the broader crypto market.

The Wave 2 correction for Gala began on December 5th and initially appeared to be a straightforward Zig-Zag pattern. However, it evolved into a more complex WXYXZ correction, making navigation challenging. The correction concluded with a bottom at $0.03034 on Monday, December 13th. While I initially anticipated a larger retracement for Wave C, the strong price action suggests truncated Wave C, falling short of expectations. This marks a pivotal turning point for Gala as bullish signals begin to dominate the landscape. Why I’m Now Bullish Momentum Indicators Are Bullish The Weekly and Daily Stochastic RSI have flipped bullish. I employ a dual momentum strategy, trading in the direction of the higher time frame (Weekly) and seeking entries on the Daily or Hourly charts. With both the Weekly and Daily Stochastic RSI indicating bullish momentum, purely based on the strategy I no longer maintain a bearish bias. Breakthrough of Key EMAs Gala's price has broken above the Exponential Moving Averages (EMAs) on both the 4-Hourly and Daily charts. This signals strong upward momentum and a potential shift in trend direction. XRP Validation of Wave 3 XRP has broken the high of Wave 1, validating that it is now in Wave 3 of its bull run. This is significant because altcoins like Gala often follow broader market leaders like XRP. Bitcoin’s Ascension into Wave 5 Bitcoin’s recent price action suggests it has begun its ascent into Wave 5. Bitcoin’s movements have a strong influence on altcoins, and its bullish trajectory supports the case for Gala’s upward potential. Addressing Bearish Sentiment on Bitcoin Many market participants remain bearish on Bitcoin. Understandably as Bitcoin has had a relatively shallow correction barely correcting down to the 0.386 Fibonacci level, which is typically a minimum expectation for a Wave 4 retracement under Elliott Wave theory. However, markets do not always adhere to theoretical expectations. My analysis of Bitcoin’s wave count indicates that Wave 4 likely concluded at $98,888.98, and it is now ascending into Wave 5. While bearish skepticism is understandable, Bitcoin’s current price action suggests the bearish scenario is becoming increasingly unlikely. Short-Term Bearish Action At the time of writing this momentum indicators on the 1, 2, 4, 8, and 5-hour time frames are bearish, signaling the potential for short-term downside price action. This could provide a final opportunity to enter the market before momentum across the hourly, daily, and weekly time frames aligns fully to the upside. It is worth noting that price action is strong so looking for a dip might prove difficult. Next Moves for Gala I’m now focused on identifying an optimal entry point into the market as Gala transitions into the much-anticipated Wave 3. While short-term price action may be choppy, the key level to watch is the break $0.0666. Once this level is reclaimed, it will likely serve as a confirmation of Gala's Wave 3.

This analysis of Gala's price action under the lens of Elliott Wave Theory suggests a critical point of potential invalidation in Wave 2, making it a pivotal moment for traders following this method. Here’s a breakdown and insights from the provided analysis: Key Points from the Analysis: Wave C in Progress: Wave C is part of a corrective A-B-C structure and consists of five impulsive subwaves. Wave 1 of Wave C was established at $0.03034, and the current price action suggests Wave 2 is nearing completion. Wave 2 Close to Invalidation: Wave 2, as per Elliott Wave Theory, must not exceed the high of Wave 1 at $0.03736. Current price action brought Wave 2 within $0.00008 of this invalidation point, highlighting the criticality of this juncture. Potential Next Moves: If the price exceeds $0.03736, the wave count for the entire corrective structure becomes invalid. The expected extension for Wave 3 is projected to the 1.618 Fibonacci level at $0.02592. However, this is a zone of potential support rather than a guaranteed target. Observations: Critical Resistance: The $0.03736 level serves as a pivotal resistance. A breach invalidates the current Elliott Wave count and suggests a need to reassess the thesis. Downside Potential: The 1.618 Fibonacci extension at $0.02592 could act as a significant support level if Wave 3 unfolds as expected. What to Watch For: Price Behavior Around $0.03736: If the price remains below this level, it reinforces the validity of the current wave count. A breach would indicate that the corrective structure is unfolding differently than expected. Conclusion: The analysis underscores a critical moment for Gala, with the $0.03736 level acting as the line in the sand for the current wave count. Traders should stay vigilant and prepared to adapt strategies if invalidation occurs. If the wave count holds, a move toward the $0.02592 zone could provide an opportunity for entries or exits, depending on one’s trading plan.

The cryptocurrency market is at a pivotal moment, with its future direction heavily dependent on Bitcoin’s immediate price action. Whether the market undergoes a further correction or breaks out into bullish territory will determine if Gala continues its current corrective phase or begins a new upward trajectory. Wave C Correction in Play For Gala, Wave B has concluded, and the focus is now on the ongoing Wave C correction, consistent with its Elliott Wave pattern. The critical target zones for this correction are: $0.027: A significant support level derived from Fibonacci extensions and prior price action. $0.024: A deeper corrective target that aligns with potential demand zones. Currently, the structure of the Wave C correction remains intact and valid, with no signs of technical invalidation. Gala’s price action continues to exhibit corrective behavior, suggesting a potential continuation of the downtrend unless Bitcoin's bullish momentum disrupts this trajectory. The Potential for a Truncated C Wave Bitcoin’s recent bullish momentum cannot be overlooked. If Bitcoin sustains its upward trend and holds above $98,300, it is likely to retest its all-time high. This scenario could result in a truncated Wave C for Gala. A truncated Wave C correction occurs when the C wave does not fully extend below the endpoint of Wave A, often signaling underlying market strength. Additionally, Bitcoin itself has yet to fully complete its Wave C correction. However, with Bitcoin’s price exceeding the high of Wave B, the correction is no longer a zigzag. This leaves only two possible outcomes for bitcoin: Bitcoin has entered Wave 5, marking the start of a bullish impulse. The Wave C correction is an expanded flat, suggesting a final corrective move before resuming the trend. Key Level to Watch: $98,300 Bitcoin’s performance at $98,300 is critical. Scenario 1: If rejected, further downside for Bitcoin is expected, potentially extending corrective phases across the crypto market, including Gala. Scenario 2: If support holds and bullish momentum persists, this could ignite a strong market-wide rally, including a truncated C wave for Gala and a new impulsive wave for Bitcoin. Conclusion The cryptocurrency market stands at a defining crossroads, and Gala’s trajectory is intertwined with Bitcoin’s next move. Monitoring Bitcoin’s price at $98,300 is crucial, as it will provide the clearest indication of whether the market corrects further or prepares for the next bullish wave. Stay alert, as this could be the turning point for the entire crypto space. But also, make no mistake, Crypto is highly manipulated. The market will do everything it can to make you think it's about to turn around, only to reverse against you. Naturally it will take you to the limit.

This analysis is subject to pricing holding support at $0.03441. Wave A Analysis I believe we have completed Wave A of an A-B-C corrective structure, with us hitting 2 price targets in my previous idea. Wave A consists of 5 impulsive waves, as mapped out above, and has landed in a key reversal zone — specifically between the 0.618 and 0.65 Fibonacci levels. This is a significant area where price historically tends to bounce. Additionally, Wave A ended with a swing failure pattern (SFP), which often signals a potential reversal to the upside. However, it is critical that $0.03441 holds, as this has proven to be a significant level of support in the past. Wave B Analysis At this point, I am uncertain about the exact corrective structure of Wave B. For now, I am assuming a standard Zig-Zag Correction until proven otherwise. Wave B usually retraces to the 0.50 Fibonacci level, with a target price of $0.03866. This level has strong confluence for several reasons: It aligns with a previous point of control. Just above it sits Weekly Resistance at $0.03944, which will likely serve as a significant barrier. The EMAs in this range could converge to form a strong resistance zone, potentially marking the end of Wave B and setting the stage for Wave C. Wave C Analysis Looking ahead, my target for this correction remains, targeting the 0.786 Fibonacci level at $0.02794. If you refer to the Weekly chart an text book A-B-C correction down to this level seems quite obvious, with Wave C forming a lower-low from Wave A on a higher time frame. In addition to the above considering the depth of Wave A, a retracement to 0.786 fib level seems plausible. Furthermore, I anticipate Bitcoin revisiting prices below 87K which will likely be the catalyst for dragging Gala down to the lower levels. Bitcoin dominance remains stubbornly high, I would hope to see this fall off a cliff soon as all the metrics are lining up for Altcoin Season except for Bitcoin Dominance. These broader market metrics strengthen the case for Wave C to reach the $0.02794 target.Price has fallen below support of $0.03441. I previously said that I was looking for a solid close below $0.03441 on the 4 hourly to invalidate this theory however given how choppy price is I am now looking for a daily close below this price. Essentially, as you will see price broke out of the channel, came back to back test it and fell straight through the channel, we are now looking for price to break below the channel and back test the the channel to confirm it is now resistance. Its highly possible that this will happen in which case lower targets are expected. I believe on initial review, that the B wave was an ABC into a descending channel, with the C wave now playing out.Price has broken out of the channel but I am skeptical of the breakout as price is increasing on low volume. Seems like it could be a fakeout will have to see -What a wild 24 hours, if you didn't strap in you would definitely have a bit of whiplash the markets swung around like a rodeo show. Since new candles have been put in, I can review Wave B correction, I had previously drawn out a Decending Channel, but have now shifted to an Ascending Channel as illustrated below (could also be a traingle depending on how you want to draw it), either way both are usually continuation patterns. If Wave B is infact an Ascending Channel Correction, than confirmation will be when price falls below the bottom of the channel. My bias remains bearish, as I am tracking an A-B-C correction so with B playing out with an impulse up I am now expecting a C wave to the downside to complete. Momentum indicators on higher time frames (Daily & Weekly) are about to turn bullish, however the lower time frames (4 Hourly) are bearish. What this means to me is that in the very short term I am expecting bearish price action to complete Wave C and for the market to make a quick turn around to the upside.Still bearish, price action is in manipulation overdrive sending out as many false signals to trap buyers. Even I woke up and thought, "hmm, maybe we are bullish" but then I seen that XRP broke out on low volume and I was thinking, they are really trying to make the market look bullish. The charts are bearish, because I can't trust price action I am leaning into Elliot Wave Theory and trusting that the C Wave will be put in. Hopefully today, as the suspense is k!lling me.I thought I would get this out. Ok so my original post above was right, with Wave B impulse going to a target of $0.03866 and then price rejecting downward to form Wave C. My previous notes have suggested that the Wave B correction was an ABCDE correction inside a channel, as we are aware wave B consists of 3 Waves (A,B,C,D). Wave A = Ascending Channel, Wave B = Zig Zag, and Wave C will take us to my original target of $0.03866. The weekends price action was really doing my head in I was totally scratching my head, anyways when today put its price in I was like...... OHHHHHHHHH so obvious! Anyways, an update just incase you find yourself fomo'ing into Gala. Be prepared, I think the C Wave correction is going to be EPIC. But I will wait to see the rejection.Sorry ignore my last post above I jumped the gun. As per yesterdays idea.Its confirmed Wave B has been put in at $0.03735 and we are now in Wave C which is the final correction. After this I believe we will head into Wave 3 (possibly the start of Alt Season). Wave 3, consists of 5 impulsive waves down. I have no idea what the impulsive waves will be, the illustration is a guess only. Technically speaking Wave 3 only needs to drop below 0.02956 however based in my TA I am targeting Price Zone 1 $0.02772 and Price Zone 2 $0.02431. If we fall through Zone 1, I will be expecting Zone 2.Thank you all for following me.

What a beautiful correction this has been! Since December 8th, I’ve been closely tracking and capitalizing on this move, and for the most part, my predictions have played out as anticipated. If you’ve been following along, I hope you’ve enjoyed the charting and analysis. Currently, the Z wave is unfolding as hoped. This is an ABC correction, and I’m leaning toward the idea that it will follow a straightforward Zig-Zag Correction pattern. Here are my price targets: Target 1: $0.03527 — Middle of the CC Fib Range. Target 2: $0.03203 — Support at the 200-Day EMA on the daily chart. Target 3: $0.02794 — 0.786 Fib Level. Why Are These Targets Realistic? Bitcoin’s Continued Correction: Bitcoin’s 4-hour candle has closed below the 200-Day EMA, which adds confidence that Target 1 will be reached. Wave Z in Progress: If my labeling is correct, we are now in Wave C, the final wave of this correction. Wave C consists of five impulses, as illustrated previously with Wave W shown above. It looks like Impulse 1 could take us to Target 1, leaving room for the price to reach Targets 2 and 3 thereafter. Bearish Daily Momentum: The daily Stochastic RSI remains bearish. Until this momentum indicator on the daily timeframe shifts down further, my bias remains bearish, supporting the potential for lower price levels. Why This Could Be the Final Drop This correction is likely the last opportunity to secure great prices for most altcoins, including Gala. Even if you were to enter now, it’s still a favorable range in my view I wouldn't worry to much about getting the bottom. I’ve been patiently waiting for the Weekly Stochastic RSI to cross bullish, which should happen soon — a major bullish signal for me. For now, I’m keeping an eye on the Daily Stochastic RSI, waiting for it to lose more steam and head toward the oversold region. That’s where I’ll be looking for a solid entry point. I don't think this will be a long correction I think it will be over by the weekly candle close. Final Thoughts Everything I want to see is aligning for altcoin season, except for Bitcoin Dominance. This is the only metric that isn't dropping, which is bugging me to no end. However, No matter where you choose to enter, I believe any position here is a strong one. Patience and preparation will pay off as this correction concludes and sets the stage for the next bullish move.Target 1 met.

To be fair, this could go either way. But we may have just put in Wave X its a bit early to tell, but I think we might see a move down into the Z wave pattern. I’ve been talking about a potential Bitcoin drop for a little while, its always been in the back of my mind. Anyways, the momentum indicators have aligned that could suggest that we might get that drop. On both the Daily and 4-hour charts, the stochastic RSI has turned bearish. However, the Weekly stochastic RSI is on the verge of a bullish crossover, which is why this could go either way. This scenario mirrors what’s happening across many altcoins, including Gala. There is also bearish divergence on the 4-hour charts marked above, however take this lightly as the previous high was only marginally above the previous high but it does show a loss of momentum. My Theory If we drop here this would bring the Daily RSI down to the oversold zone, potentially aligning perfectly with a bullish crossover on the Weekly RSI. I am hoping that we might witness a collapse in Bitcoin dominance as well, which would formally indicate alt season. This is a bold prediction, so let’s see how it unfolds. Key Confirmation I’m watching for a clear 4-hour candle close below the 26-day EMA (approximately $0.04181). If this happens, it would strengthen my confidence that the Z wave is playing out as anticipated.Wave Z confirmed.