2/ Bullish scenario (green): 4 Elliot wave's formed with 5th to come, taking out the wave 3 high above $200. #QNT breaks above $133 and $155 helps support this view. I'm looking for long opportunities above $133 to play this view. Scenario invalidated below yellow wedge support
3/ Bearish scenario (red): 2 Elliot waves formed down off the chart high, a wave 1 or A & 2 or B. If #QNT makes closing breaks below yellow wedge support and definitely NB support at $90, then the wave 3 or C scenario is likely playing out, and I expect a move to $40 support
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#QNT upper channel (green) and $155 horizontal resistance was always going to be a fight, as described in previous threads. With the 5 wave Elliott Impulse wave formed off the $86 (2/B) low, we’d expect a pullback first before the upward trend resumes. Where to ...
2/
If a #QNT pullback is happening now, a 38%-50% downward retracement ($126-$136) would be common in a strong upward trend (target X) left Fib, which also coincides with strong $134 horizontal support and lower channel support (red).
3/
If #QNT breaks upper channel resistance now, then I think we headed for either Wave C/H&S/3 now (right Fib), but a small pullback before those targets are reached would make sense.
See this thread about how Wave C / H&S / 3 targets were constructed:
1/ What #QNT price action has done in the past and what it could do in the future. A 6 part thread.
Here's a recap. Daily Log chart since price began. Major upside move (green), it's downside correction (red). Orange blocks are the % retracement each time
2/ So far #QNT had 6 major upside moves and subsequent corrections. Downside over the last 8 months is nothing special, >78% retracement using a fib like bottom right. 78% or more is what it's done 4 out of the total 6 major corrections.
What could the price do going forward ?
3/ Zooming into block 6, let's assume #QNT's 2021's rally from $23 in May to $438 in Sep was solely due to speculative buying as no known purchasing of licences occured back then, so no major institutional utility involved in that rally that I'm aware of.