Hi there. On 8th of May we have had an analyze on Quant that the price would hit $45 levels where we have actualized this target with ABC Corrective wave.
Weekly Heikin-Ashi Chart
Weekly 5 Wave Elliott Wave structure tells us that the correction for the QNT expected to be finalized around $40-45 USD and side ways expected before the 3rd Wave kicks in.
3rd Wave within the weekly chart targets $2,623 with the Fibonacci level of 161.80%. Considering the All Time High (ATH) price value of QNT, it won't be a surprise to see such levels with the upcoming Alts Bull Run.
Wave Trend Weekly
We expected the ABC wave to be finalized around the Fibonacci level of 23.60% ($45) while the Wave Trend indicator was around the oversold area. It is expected the weekly wave trend reversal to start in the 3rd Wave.
Can we think that the 2nd Wave is only Wave A?
Instead of ABC Wave, the 2nd Wave currently can be thought that it has constructed Wave A only. Considering the time frame and Wave 1, this might be the case and would be invalidated as soon as QUANT close the weekly candles above $430. Above $430 indicates we are in the 3rd Wave and the possible target would be $2,623.
As always, Important Note: None of the targets represented here is financial advice. Do your research in due diligence and take responsibility for your actions when buying or selling an instrument.