SUMMARY
Just because a price pattern is a triangle doesn't necessarily mean there has to be five waves (abcde). I've shown in prior blog posts how there can be only four waves. This means that a breakout can occur at wave D without completing to wave E. The below chart of Ethereum (ETH) shows exactly how that occurs. Its breakout from wave D signals the completion of wave 4 and the start of wave 5.
The subwaves of white wave (5) is labeled in blue. IF this is correct, then $588 would be a likely target. What happens after that? Well, Elliott Waves states that after a five wave move, there is a requisite correction; so, likely a minor abc or some other combination type of correction will take place.
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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