SUMMARY
LISK (LSK) completed an impulsive motive of five waves (white). The correction has been sideways, though the range has been broad. The blue WXY labels thus far suffice and the subwaves also add up. However, the price waves can morph and extend into the triple complex. The MACD also shows an oversold state that is getting deeper. This level of oversold condition is often not sustainable and would likely lead to a trend reversal or a sizable bounce.
The finer subwave counts show that blue W and X are complete and Z is near complete as shown by the abc (red) and wave c's subwaves 1,2,3,4,5. The terminal end of wave Z is where a strong horizontal support zone lies. All waves seem near completion and so either overnight or tomorrow, a reversal of some type is expected.
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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
Essay: Is Technical Analysis a Quantum Event?
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