SUMMARY
SALT/BTC could have one more lower low perception IF ONLY Elliott Waves were being applied. The below chart shows that a clear a,b,c is likely and so one more lower low could be expected. In having done this since 1997; I've learned that combining chart patterns and Elliott Waves is the most ideal way to enhance probability of identifying the likely price direction.
The below chart shows a handle formation given that prior to it, the rounded Cup was completed. These combined with Elliott Waves allow greater confidence on the direction of price. The handle clearly does not need to be a simple a,b,c correction but rather can morph into a triangle pattern counted as a,b,c,d,e. In doing so, the subwaves of this triangle seems complete. IF correct, then there is higher likelihood of price rising higher into an impulse as shown by the blue waves. Those five waves would represent an initial first set of impulse to signal a trend reversal. The decrease in volume is also confirmatory.
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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