NOTE: For an update (play-forward) of this analysis, click on the Tradingview chart image above, then the triangular play button when you get to Tradingview. Enjoy and comment what you think!
Alright fellow traders, we have some beautiful market geometry on this one, so lets jump right in!
BOTTOM LINE:
Decred is approaching the confluence of numerous strong resistance lines, and measured price-move/price-equality projections; for our first target price zone. This looks like Wave V of III or possibly a Wave C high. See below for details.
AWESOME SYMMETRY:
Check out the awe inspiring price symmetry of the past price swing to subsequent price move lengths, both up and down. Take the time to really study this chart!
Price Target 1 = 0.001449:
The current price swing labeled Wave 3 or C (no real preference yet) looks like it may top in line with multiple resistance points, that also happen to be at two of the price levels suggested by a measure move from two vertical arrows that were cloned from the prior price waves then added to the March 29th low.
The first price target is also 1.3146 x “Wave A or Wave 1” up from the December low, then added to Wave B (or Wave 2) low in late March, 2018. How cool is that?
Target 1 is also a Gann Fan 8:1 line (black dashed line) which tends to be super strong. If DCR breaks this resistance price, there is likely a much larger cycle still heading up that we cannot yet measure. And, that likely means this is a Impulse Wave 3.
Price target 2 = 0.0016650:
Is a 1.618 x Wave A or Wave 1.
Price Target 3 = 0.001759:
Is based on the largest vertical arrow cloned from the prior price moves (same distance repeats) then added to the March 29th low.
CYCLES:
Two cycles are in the topping process between now and May 30th.
Blue cycle is the major cycle and in phase thus far. It is in a topping phase, but as a longer-term cycle, it has a wider window for the market crest, which should be between today, Monday, 05/21 and Tuesday 5/29.
Red cycle was in phase until the November low, but has been out of phase since then. Dominant cycles almost always win, but we should add that the red cycle (out of phase) does top later than the others, on June 19th, but that is not a strong consideration at this time.
Green cycle is in phase and peaks between 05/26 and 05/29, with the center date of May 27th.
Since markets can top early (Left Translation) or late (Right Translation), it is possible that today was a top. The market did hit the 75% Andrews Pitchfork resistance line, and during the day the high almost hit the GANN Fan 8:1 super resistance line, which, is also a measured move point, as shown by the shorter green vertical arrow off the March 30th low.
SUMMARY:
Look for a top between today (5/21) and May 30th, giving it an extra day. Use short-term intra-day 0.65% charts to find a tight exit point and perhaps a lower swing high to put on a light short trade once this degree of top has been confirmed.
TRADER TIPS:
Look for repeating price swing lengths then add or subtract those measurements from major swing highs and lows for addition confidence of price targets. Especially when they line up with Gann , Andrews or Schiff lines.
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Cheers and best wishes,
Michael Mansfield CIO
5/21/18, 6:00 PM EST
[Daily bars, semi log scale, candlestick wicks removed for clarity]