Last time I made an analysis on Chiliz a week ago. Market deceived me with the flat correction inside wave 4 which I wrongly interpreted as the wave 3 and 5. Flat corrections became more often phenom recently. Today market gave me clear picture that the uptrend on CHZ have been ended yesterday.
Let’s take a look at the 1D time frame CHZUSDT chart of the WhiteBit exchange. Trading chaos approach gave us the very nice picture. First of all I want you to bring your attention that the price have reached exactly the minimal wave 5 target. Of course it’s insufficient to enter the short based only on that.
Yesterday bar was the bearish inverted hammer which in conjunction with the squad condition and angulation with the Williams alligator give us the idea that it’s reversal bar – the best place to open position against the trend. Divergence on AO is weak, but it’s divergence which is also the reversal factor.
I opened short on CHZ again, hope it will not go against me again.
Best regards, Ivan
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