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Cryptocurrency SLP is looking for a bigger recovery

Cryptocurrency SLP is looking for a bigger recovery
Gregor HorvatGregor HorvatWavetraders

Cryptocurrency SLP made an impulsive five-wave rally from the lows, which is barely first leg A/1 of a minimum three-wave A/1-B/2-C/3 recovery. With recent slow down, we can now see it potentially finishing an a-b-c irregular flat correction in B/2, where ideal support comes around 0.0027 – 0.0025 area. So, watch out for bounce and bullish continuation within wave C/3 soon, just keep in mind that we remain bullish as long as the price is above 0.0020 invalidation level.

Chart

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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