Here Is a Look at $COIN and a Target

I have received a request to examine $COIN. I cannot always accept every request, but I do have something I can say about this one, as I have watched it with some regularity since its inception.

I believe it has finished the major correction that it began directly from its IPO (a large A-B-C structure—you can see the “C” down there at the bottom of the chart). I believe it finished that structure on 1/28 and that is has now entered a new, bullish structure. From that low, I count a 5-wave impulse to the upside, with a 3-wave pullback that came to the appropriate place for a wave 2 (the 50-61.8% retracement—the orange box we’re in now).

The target for minor (green) 3 is the orange box above us—at a minimum.

COIN


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$COIN Count and Target

From IPO: a-b-c correction, leading diagonal first minute (blue) wave from there, 3 waves back for minute 2. Go time.

Minute 3 target is the box.

COIN


[UPDATE]: Though we’re a little short of the target range, we have rallied 35% since the time of the original post. And since I see 5 waves up in this move, I am inclined to be cautious here. I will file this under “Successful Calls,” and I will need to monitor the price action from here for a bit prior to making another call.

COIN


Note: When my work is first published on this website, it is made available to patrons who support my work through my Patreon account. Over time (usually after a period of a few months), I make the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page.