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.