EOS broke up and out of the wedge it was consolidating in. In yesterday’s video analysis, I told you if price broke above the $4.57 resistance, it'd likely reach as high as $5.00. It did break above, but was only able to reach $4.92 before finding strong resistance. Price was rejected almost perfectly at the 0.618 fib level.
Looking at the 4 hour RSI and MACD, we can see clear hidden bearish divergence. We’re already seeing price start to correct.
The 4 hour RSI has risen above the first descending resistance. If it can remain above, I’ll remain bullish short term. There’s a second resistance line that has yet to be penetrated. A break above this second resistance would signify a continued strengthening of the market.
The 1 day RSI and Stoch RSI are extremity oversold.
To review from yesterday, my big picture Elliot count still has EOS in a WXY pattern. The question is, have we completed the final ABC correction?
If the WXY pattern is complete, my bullish count has EOS having completed 5 waves up and currently in a ABC correction. It may play out like this:
My bearish count still calls for 1 more leg down to complete the second ABC correction, within the larger WXY pattern. Here’s how this scenario may play out:
In today’s video update, I discuss other possible scenarios, trade setups I’m waiting for, key areas to watch and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
