SUMMARY
STRATIS (STRAT) completed five waves up (blue) and seeing how extended the 5th wave is, the retracement is deeper than usual. Given the wedge pattern and breakout from the larger one; how bullish can this be assessed? The second smaller wedge is also about to breakout. How tempered should the bullish expectation be?
The Elliott Waves show an abc being complete for the larger wedge pattern and likely an abcde for the smaller one. However, note the sideways action from the C wave of larger wedge to the top of the smaller. This is indicative of a correction that likely has more to go.
The overall label is probably best fit by the below wxyxz (blue) count. Could this correction extend in time until July? Yes as that would fit quite well into the Hurry Up & Wait syndrome of Altcoins. Let's see if there is a breakout of the smaller wedge and how price travels afterwards. IF it makes higher highs (higher than prior blue X); then a relook of waves qould be needed. But not until then.
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