It seems that I was looking at the wrong wedge(s) all along. Now that I look back at my previous ideas, it seems obvious. The time scale makes a difference. The problem with wedges is that they can evolve as time passes and something that was previously seen as a winding path now appears to be a single step in a larger structure. You can see what I mean by looking in the chart. The path inside the gray wedge has more legs and suggests the end of the pattern. But on a larger scale, we can clearly see that the path has evolved into an even larger wedge (the green one).
Taking the above into account, it looks like my earlier analysis were correct albeit not error-free. On the other hand, there is no doubt about further price movement. The direction is downward. I assume that we will stop at the price of $0.5 but this is not yet so certain. This is just my guess based on the shape of the wedge. In reality, the price may stop earlier or fall even lower, but it seems unlikely to me.
The above analysis is not financial advice.
Taking the above into account, it looks like my earlier analysis were correct albeit not error-free. On the other hand, there is no doubt about further price movement. The direction is downward. I assume that we will stop at the price of $0.5 but this is not yet so certain. This is just my guess based on the shape of the wedge. In reality, the price may stop earlier or fall even lower, but it seems unlikely to me.
The above analysis is not financial advice.
