Update on WAVES:

1) I mentioned previously that we could see a breakout above the red box. I have now tuned the box green because it has flipped from support to resistance. Keep in mind we still saw quite a bit of resistance in this region but it was enough for the bulls to break through it. Since this gave us a decent amount of resistance I expect it to provide decent amount of support in a potential move back down.

2) I mentioned that we could see a breakout and re test of the now green box before seeing more upside potential. I was originally skeptical of this because of how quickly we have rallied, and I still am.

3) The Ichimoku on the 4 hourly has started to gain quite a bit of bullish strength with this consolidation we have had. This is a great sign for further upwards movement.

4) We have a cup and handle formation on the 4 hourly, also a good sign as it seems we have broken out of the pattern recently.

5) If we manage to break the previous high set in October, WAVES could easily push $50.

6) I still expect a re-test of this green box before further moves to the upside. This is something I will keep my eye on.

7) We are currently testing previous highs set in October. A re test of the green box and a bullish consolidation (like we have seen with the 4 hour cup and handle ) around the high set in October could send us to new all time highs. Again this is risky IMO as we have rallied so much in such a short amount of time.

8) Remember, this is not financial advice and always do your own analysis/research before making any decisions on the market.