SUMMARY
LISL (LSK/USD) has been traversing within the boundaries of a broadening pattern since June of last year. A five wave impulse can be enumerated as shown in below chart. Wave 5 pierced the upper trend line prior to declining into the current correction. The correction is an ABC and it's the flat type (3,3,5).
Subwaves show that Lisk is sitting on the lower white trendline support. Of the red ABC waves, the five subwaves for red C are counting to be complete. IF this is correct, then a trend reversal potential is at hand. Now look at the MACD on this daily chart. It has made a higher low while price has made a lower low (blue lines). This positive divergence is likely a foreplay to a bullish outcome!
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Elliott Wave Counting Tutorial #1
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