SUMMARY
Golem (GNT) continues to correct after having put in a near vertical rise out of the double Cup & Handle pattern. Vertical at it might have been, five waves are counted and thus was impulsive. Elliott Waves states that after five waves, there is a requisite retracement. This correction could be counted as a simple abc three wave or a Flat; however, the correction is displaying a pattern.
Closer examination shows a downward pointing symmetrical triangle where price is near the apex (the point at which the lines of the triangle intersect). Does this mean a breakout can be expected? Likely, yes; however, post breakout, price has all the freedom to do a sieways action to regroup. IF the lower white line is breached as support; the a retrace to prior wave 2 can be probable; however, given that the wave 5 was not extended; this level remains a far alternate.
Legal Disclaimer: 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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