SUMMARY
IF the first impulse of blue waves and the resulting correction of five months is any indication for the current correction, then it would require the owners of Golem (GNT) much patience and discipline. However, these attributes are good to have and time is on the side of anyone who possess them. The second impulse of five waves made an all time high and the first leg of the decline was swift and now there is likelihood of sidways price action in the forecast. In Altcoins, there almost never is a quick correction which is why the long time forming Cup & Handle patterns are the most common.
The short term shows what probably will be a sideways moving of price as shown by the blue wxyxz. Either the distance between the Y, X,Z can expand or the sequence can repeat at a lesser degree. During these consolidation times, dollar cost averaging in an accumulative mode becomes attractive.
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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
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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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