SUMMARY
The TREE COUNT for Shorter Term Traders:
The symmetrical wedge pattern was breached and price remains outside it. Is a lower low possible? Yes. A new smaller wedge could form and bring prices to a lower low...just look at what Tron (TRX) carved out.
The short term update shows as the breakout having likely put in five waves (blue) and if so, then a requisite retracement is due (abc). Sideways movement would indicate a wait and see towards Bitcoin.
The Forest Count:
If you were a longer term investor, would you buy or sell at current levels? Would you buy or sell in a single transaction or ladder? What is the laddering technique? This tutorial explains in detail.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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