Weekend Update Polkadot - 05.02.2023
Quite a few traders reached out to me in the last days since I posted our first updates on Polkadot and Vechain. Both coins could gain further momentum in the last days and slightly overshot our wave (i) top estimation.
Today we start with Polkadot, and before we dive into the count, I would like to highlight that everybody should carefully read our assumptions about a possible alt.(ii) which can be seen on the chart.
We assume that Polkadot established its original wave (i) high back on the 23rd of January at 6.813$. Since then the coin moved in multiple a-b-c waves which as of now point towards an expanded flat correction in which the upcoming wave (c) should deal the most damage. So we expect a very similar movement in most altcoins in the next days, the movements in polkadot and solana resemble an expanded flat. The rules are the same as described in our last article, the price should enter the blue retracement box and from there on should gain bullish momentum again.
We provided a more detailed count below, featuring the important alt.(ii). As of now it’s difficult to estimate how long this wave (ii) correction will last and the important question is now – will Polkadot already bottom after the upcoming yellow wave (c)?
This scenario would mean that Polkadot will decline in a 5 wave impulse in the next days and therefore would finish the whole wave (ii) correction already. Because of this, we will start to accumulate in this next wave already and won't speculate on a lower wave (c) marked in red.
Investors who aren’t familiar with the Elliot wave theory might be overwhelmed with this count, feel free to ask questions below in the comment section or just message us directly – we are happy to help!
Please note that we are already invested Polkadot since the 29th of July, back then we announced our first positions here on tradingview.
Long Polkadot (DOTUSD)
AVERAGE EXECUTION PRICE: 7.33
LONG TERM TARGET: 55$ and more!