Genji 🥷

ALL (Update) CA: ASoQZA3Dee2HU34Vwx3b5SAtTaczJtZcyx1T413nDALL Disclosure: I have added to the position since the previous post. We did see some continued decline to the Daily S2 (no longer seen on the chart as these Pivots update each day), but price caught a bid before reaching the 1H Demand Structure highlighted blue. We have been consolidating / accumulating for a couple of days following that low, after which point we broke out of the descending resistance (I have drawn this as a loose descending channel, but with only one touch at the bottom it's better to just look at the upper resistance that we broke through). All that has happened since then is that we have retested that resistance as support, and have bounced from there. We are slowly crawling up a new ascending support line, whilst we are also above the Point of Control, Daily Pivot, etc. We have bullish market structure as we are making higher highs and higher lows off of the Wave 2 low. I am not seeing any real reason to be bearish at this time. The ONLY thing that I don't like about this chart is that we are seeing spikes of volume at the highs, indicating supply coming in, selling into those levels - we will need to eat through that supply in order to run to new highs. From what I have seen, though, there is excitement growing and I am hopeful that new demand can come online to help price through these areas of supply. The team are shipping constantly, we're getting multiple major updates each day, and they do not look to be slowing down. As has been the case for several days, price needs to get back above the swing high at c. $4.4m to add confidence to the count and give a good indication that the bottom is in. Assuming the count is correct, Wave 3 should get to at least $8.7m, before a Wave 4 pullback to around $5.4m, before finishing up Wave 5 up at around $10.7m (please note the slight changes to the previous levels since Wave 2 ended up declining further between updates).