SUMMARY
Nxt put in five waves up as shown below. Elliott Waves states that after five waves, there is a requisite retrace in the form of an a,b,c correction. However, there are three primary types of corrections. There is the a,b,c zig zag and flats. Then there are the triangles. I've labeled what I think 9 out of 10 times the Altcoins pattern out...an a,b,c,d,e triangle! When in doubt as to which pattern is being made...it's a triangle! Also, don't forget about the the Hurry Up & Wait Syndrome. This means that while the impulse waves are put on very quickly, the corrections become slower than molasses flowing upwards outside in the middle of February! Yes, the corrections are NEVER quick for the altcoins...they are always slower than turtles on the corrections! Don't forget this.
The NXT/BTC pair is also expected to correct. The below chart shows a broadening pattern where price has already hit the upper trend line. The likely scenario is for price to become attracted towards the bottom line. HOWEVER, the two double bottoms are very bullish....so, should price breach decisively the upper trend line and stay above it...we could have a very different bullish story to tell. So, let's see if this breach happens.
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?
Follow me on Twitter for Real Time Alerts!!
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
Legal Mumbo Jumbo: 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.**