SUMMARY
With regards to patterns, QTUM is qute mature in having already placed a sizable symmetrical triangle that exploded into a five wave vertical ascent. What took less than 10 days of vertical upmove; the correction has taken 5 months to retrace 88%. That's a Hurry Up & Wait by the book! The small Cup & Handle is likel as well.
The larger cup formation encompasses the whole correction. Given the contours of the price bars that connect the bottoms; it's likely for the right wall of the blue cup formation to be initiated.
The MACD is ready to rise or more likely surge upwards. However, if the handle formation is to be made first, a bit more sidways action is probable. The blue Elliott Waves project the potential price pathway to building the right side of the larger Cup.
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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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