$AVAX#BinanceSquareTalks #bina Triple Zig-Zag Formationš„š„
Triple Zig-Zag
It appears that $AVAX has been forming a triple zig-zag correction on a high time frame. After further study of lower time frames, I have discovered smaller fractals of this correction of lower degrees. Price action is currently supported by the 1.272 pocket, which COULD lead to a reversal, but the1.618 (Wave "W" Ć 0.618) is a favored ratio above the 1.272 . However, there are crumbs on a lower time frame that suggest we may be experiencing another fractal of this structure.
On The 8-Hour Chart
An ABC correction has complete, and has price has become impulsive to the down side; the dominant trend has resumed. Price is currently in the Golden Window (0.618-0.786) retracement of wave B and in an area of high liquidity. Could this be a shakeout reversal pattern or continuation pattern? ššš
On the 1-Hour Chart
An exotic expanded running flat was printed that potentially marked wave 2 or B of a higher degree. Afterward came a 5 wave impulse down with a truncated 5th followed by an ABC to the upside. It's possible that we are in the middle of a zig zag correction and are waiting for confirmation of wave 2 of the potential 5 wave impulse down. An invalidation level would be @ $12.49 and would suggest that the high time frame triple zig zag may be complete at the 1.272 of wave "W". ššš
...if price action continues to the down side the 1.618 of wave A is a common area of retracement. The 1.272 ratio on the 1-Hour chart is also a potential retracement level, but less common than the 1.618.
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$AVAX
