SUMMARY
ENIGMA (ENG) is showing multiple fractal relationships that should be noted. The downward pointing wedges clearly show the baby, mama and papa fractals. Remember that a fractals are patterns that are very similar but not exact. Similar to your left and right hands. As the left hand has an arm and a shoulder attached to it, the right hand fractal could be projected to have the same. While this fractal method is not perfect, it does add valuable directional and target level inputs when combined with Elliott Waves. This is why together, they make a very powerful algorithm to better project the future price pathways.
The below chart of ENG/BTC is in effect repeating three cycles of the wedge fractal. After each, price surged and so, expecting another price surge after the third fractal would not be unreasonable.
Here is the ENG/USD pair displaying the near same patterns! When the /BTC and the /USD pair output highly similar patterns, it means that likely, the demand for the coin will outpace the rate of rise for Bitcoin so that both pairs will rise. However, most likely the /USD pair will lead the /BTC.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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