✴️ Shiba Inu Correction Likely Over, New 200% Jump PossibleI will read this chart for you in a easy way, keeping it simple and straight forward. If you enjoy the trade idea, make sure to like and follow and this way the algorithm pushes me to the top and I also know to publish frequent updates. Let's get started.
Shiba Inu (SHIBUSDT) bottomed 10-June and immediately entered a bullish wave. This wave peaked at 116% growth which is really good, this happened within 2 months.
After a strong move or any type of move basically, a correction or retrace forms/develops, this is what you see happening now and very likely coming to an end.
Shiba Inu dropped from its 12-August peak and wicked below the 0.618 Fib. retracement level. Total correction -36%.
The interesting part here and what constitutes a reversal signal is the fact that the 17-Aug. candle closed above 0.618 Fib., as mentioned above, and the candle that followed five days later, 22-Aug., ended as a Doji with a long lower wick and closing green. This Doji reversed before hitting the 0.618 support.
This all means that the bears/negative/down, tried to push prices lower but the bulls bought everything up.
We can easily see how the volume was high yet after 17-Aug. it drops. This is all telling us (you and me) that the correction is likely over. If it extends, support is marked on the chart and the bias remains bullish.
This is only wave 1 of a bullish impulse as in Elliot Wave theory.
The next wave can produce ~200% from the current price, regardless if the next move starts within 3 days or 2 weeks... We have 5 waves total in an impulse, 1,3,5 up, 2,4 down (corrections), meaning, there is plenty of room/time left for additional growth.
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