SUMMARY
QTUM/BTC had a descending wedge where what seemed like a breakout led to a lower low which marked the C wave. How could this happen? Isn't the wedge pattern like a perfect pattern and once a breakout happens then its guaranteed for the price to go to the moon? In a word, NO! Technical Analysis is NOT a guarantee platform but rather a probability analysis and that means it's NOT perfect. If you are surprised by this, all I can say is welcome to trading! A field of not getting it perfect every time.
Following red wave C, the blue wave impulse was quite crips and in any reversal, an impulse is often the first signal of a trend reversal. As expected, price is again correcting as shown by the sideways action of price. These have temporarily been labeled as wxyxz complex triple combination. It can easily morph into one of 36 alternates. However, after this wave 2 of lower degree of trend is complete, wave 3 up is next and it won't be lower than the peak of wave 1 (blue wave 5).
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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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