GMT is pointing higher after a correction

Gregor Horvat Wavetraders

Cryptocurrencies made an impressive recovery in 2023, especially some ALTcoins that woke up at the end of 2023. One of them is GMT, which has turned sharply and impulsively up after a completed bearish cycle that confirms support in place, at least for a temporary period of time.

Well, recent rally we see it as a first leg (A)/(1) of a minimum three-wave (A)/(1)-(B)/(2)-(C)/(3) recovery, so we can now see it making an A-B-C irregular/expanded flat correction within wave (B)/(2) that can be in final stages of wave C before a continuation higher for wave (C)/(3) at least p to 0,50 area for wave (C) or maybe even higher for wave (3) if goes decisively above 0,70 region. Ideal support for wave (B)/(2) we see in the 0,23 – 0,17 zone.

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Author

Gregor Horvat

Wavetraders

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

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