$QNT ๐ก๐ก EW-Deep-dive:
While on vacation I (again) reread EW Principle.
โฉ๏ธ And I adjust my primary wave-count.
From a โsimpleโ triangle to a double-three.
The double-three consists of (W) and (X) as zigzags and the (Y) as a triangle.
The overall correction is still tightening (yellow outline), nothing changed, just the technical counting.
After the ATH
$QNT faced a 5-3-5 zigzag (W) followed by a 5-3-5 corrective zigzag (X).
These corrective patterns now combine into a so called double-tree, in which a triangle is viable.
So these patterns (ABC ABC ABCDE) form one big pattern (WXY).
The true strength of
$QNT lies in the fact, that the last correction -normally (C), but here (Y)- is a triangle.
This is due to the underlying strength and demand of this asset. No real selling pressure; just waiting.
Triangles take time to play out and at their end the social investors mood is worse than at the lowest point of the (W).
This is obviously true when looking at the TG-group and multi year holders capitulation on the X-timeline.
Selling right before we get our blast off.
Triangles often break the final orange trendline to the downside to get the final capitulation. But the red line bouncing makes me sceptical we get those opportunities again.
1.6k loading. Patience will be heavily rewarded. Still buying.
โ๐ปโ๐ป