Back at ya with another request, this time its ONT (Ontology),
This one was tricky for a sec until I realized that we had a failed impulse wave after the original correction forming a WXY Double Zig Zag pattern. Also known as a Double Elliot Wave Combo.
If you don't know about this, it means we had a failed impulse wave and an extended correction. Two ABC correction connected by an failed X wave, and then hopefully we've corrected enough the second time and ..... 3 .... 2.... 1..... COMMENCE LIFTOFF!! But, sometimes we get stopped out again and turn into a TRIPLE Elliot Wave Combo or WXYXZ Corrective Pattern. However, I feel with all the bullish sentiment going around right now we won't have any problems once we finish our retracement.
I believe we still have a small bit more to retrace so that we can hit the 0.5 Fibonacci level, and then we can go to the moon guys.
Target for bottom of C is about 42,200 Satoshis. And because this is the completion of our first correction, our next large scale impulse wave structure is wave 3, which commonly hits the fibb extension of 1.618. I put this Fibbonacci Extension on the chart for you guys to see. Next long term target is 132,000 Satoshis for wave 3!!!
If you would like to see how this plays out here is the link to my idea on TradingView
https://www.tradingview.com/chart/ONTBTC/JHauiUQB-This-is-Ground-Control-To-Major-ONT/
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management!
Feel free comment any questions or chart requests you may have below. Happy trading!
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