SUMMARY
When price traverses within a broadening pattern, it does so in a manner that alternates the touches between the top and bottom trend lines. This is the third most common type of pattern in the Cryptosphere, though not as frequent as the bullish Cup & Handle.
The below chart shows that a complete impulse motive has been placed. The resulting correction is thus far in the ABC format but it is most likely not the end of the correction. Still, when price is sitting on the bottom trend line, there are bullish implications. Back when ARK was at wave 4; I had call it the "Ark of Wealth" and had drawn the same broadening pattern showing price sitting on the bottom trendline as support. I believe the same name can be reapplied. However, the correction is likely not yet complete.
Between waves 1 and 3 as well as 3 and 5; a rounding bottom pattern can be identified as shown in below chart. The potential for a third consecutive price rounding pattern is drawn and in white arrow.
The basin phase of the pattern is likely where time consuption will take place and the wxyxz as subwaves can provide the required sideways price action. From a timing perspective, it could lead into May/June months.
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!!
--
--
