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$TON Elliott Wave's Theory
We look to be complete or near complete in the correction to the downside.
Nothing goes straight up or down.
This downtrend is important to the overall uptrend. If the rise happens too quick the run will fail.
The retracement allows the moving averages to gather tightly. This ultimately gives chance for price action to fill the gap between price action and the 4hr 200MA.
When price action retraced it was at the top of the local resistance of the cup and handle pattern.
There are many up and downs in the trend. We have many waves and subwaves in the trend.
The blue wave structure is the main wave structure. The orange wave structure is the subwaves.
The 1min timeframe is showing the money printer formation. This could push a reversal back to the upside soon.
Remember the 4hr money printer formation is in play.
This signals that price action will likely close the gap between price action and the 4hr 200MA.
The 4hr 200MA is currently at $1.744.
NFA, DYOR ⚠️
#Crypto #Trading #TON