Chart of the day

MAKER crypto has established a base and is now extending higher in the five waves. Support is 1334 and we are seeing the beginning of the most profitable third wave higher.

Only a break below 1310 will invalidate ultimately the extension higher and would change the Elliott Wave long-term count. The key upside resistance from medium-term to long-term remains 1594.

long trades are favored to be opened here with a stop loss below 1310. We prefer the long trade entries at this stage as we see an ongoing price action to continue higher after the base has been formed. Short trade entries could come only upon a confirmed break below 1310.