Avalanche looks like it’s close to finished with its correction

15 Des 2021

This ascending yellow line was essentially a neckline for an ascending head and shoulders pattern. Once we broke down from this the actually target was around $57, but being a bearish pattern during a bull market probability favors that it would not hit 100% of it’s measured move breakdown target…by bouncing where it has though it has created a much more standard horizontal neckline of a more stereotypically shaped head and shoulders pattern (the neckline shown here in red). The target for breaking down from this head and shoulders is well under $10. Personally this seems highly unlikely to me. Something like this would likely only occur during a sever and unexpected black swan and would only stay at that price range for a very short time if it did happen, which would i anything only be a tremendous opportunity to stack one of the more fundamentally strong crypto projects in the space. Due to avalanche’s strong fundamentals and utility, I think probability much more highly favors that we maintain the horizontal red line as support before inevitably confirming the correction is over and heading higher. Until I’m certain that we are fully finished with he correction however I will have to leave this as a neutral idea, even though I’m definitely leaning bullish on it. *not inancial advice*

15 Des 2021

Catatan

Once it is finished with its correction, i it doesn’t see any further downside from here…I will be watching or it to climb to the $200 zone, which could take some time.

16 Des 2021

Catatan

If we are currently breaking up from a descending triangle pattern(not shown here) then avalanche should soon head to the $158-160 price range with some resistance the along the way around $130. Still not quite sure the descending triangle pattern is valid just yet but I will add the descending triangle to this chart in an updated idea.