SUMMARY
It's interesting to see an ICO start off its genesis as a correction! That's pretty much what aelf (ELF) has been doing since late December, 2017. However, like most corrections, it will end and chart pattern with Elliott Waves are the tools I use to identify potential terminal ends of corrections. Why the terminal ends? These zones are most usually the most ideal times to cast entry ladders. The below chart shows a Head & Shoulders with the Left Shoulder (LS), Head and Right Shoulder (RS) all complete and confirmed. For me, a pattern must have completion and confirmation. When price breached below the Neckline (horizontal white), that was the price confirmation. The blue vertical line measures the minimum price travel and it points towards $0.59.
When applying Elliott Waves, the whole chart is a large ABC correction and when subdivided into parts, the final C wave shows a nearly complete impulse five waves down (white 1,2,3,4,5). Since C waves always have five subwaves, this is significant because if waves 1,2,3,4 are complete, then 5 remains as the last wave needing to be placed. This puts the probability of the terminal end of correction likelihood to be high.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
