SUMMARY
Oyster (PRL/BTC) shows the workings of patterns and Elliott Waves. The blue lines outline a larger symmetrical triangle; thought it could have more price connection points on both lines. The white lines show a descending wedge. Incorporating the patterns into Elliott Waves shows that the first impulse (white circled) 1,2,3,4,5 waves were corrected by an expanded red ABC retracement. The red C wave subwaves are shown in blue.
The below count shows an outlook where price can be labeled as having started the impulse waves. This is shown by parenthesis 1,2,3,4,5 white waves towards the 30,152 Satoshi target. The condition for this count is that the blue line support can't be decisively breached; though a bull wick piercing is highly desired.
The top alternate count shows that wave 2 of the current impulse could not yet be complete. In this case, its subwave abc could mean a lower low to complete (circled blue). However, the destination will likely not change much.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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