SUMMARY
STATUS (SNT) placed a classic five wave up move as shown in below chart (blue waves). Elliott Waves states that after five waves, there is a requisite a,b,c correction. To that end, SNT has made a very crisp three wave retracement. The key is as to whether price is ready to start a reversal with a new impulse trajectory. Give the action of the MACD, I've added the white impulse waves with an initial target of $0.588 or so.
The SNT/BTC pair is quite attractive. Price is sitting right at the doorsteps of the apex of the pattern (point where the two triangle lines intersect). There are times where the price just walks past the apex and still goes sideways before rising, but I find that unlikely. The a,b,c,d,e waves of the triangle also seem complete. The next step should be a reversal! I've added the blue impulse waves with a target of 4,721 Satoshi.
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
