SUMMARY
Note: For anyone who missed the BitcoinLive Information Webinar, here is the replay link:
As of June 4, ALL Crypto Analysis will be posted on the BitcoinLive channel and Steemit will be dedicated for Equity, Commodity and Options Analysis. To Signup for the BitcoinLive limited Founding Membership slots, use this link: https://get.bitcoin.live/haejin/
__
Extended 5th waves can be quite dangerous and wreak havoc on price recovery. The below chart of MGM Resorts International (MGM) diaplays a prominent extneded 5th and as you can see, the price devastation was nearly 98% crash! This crash coincided with the 2008 Financial Crisis and the recovery has been meager, at best. Price has been traveling in a channel but does it look impulsive? Or very overlapping? That's one way to tell the difference. The MGM recovery has been very overlapping and not very impulsive.
The blue channel outlines a bear flag. The price movements within it is labeled as a WXYXZ sequence which is corrective. So, perhaps it has been a dead large cat bounce? In other words, the correction that started from the top of the extended 5th is likely not complete! The red ABC shows that wave C could target the sub $1.50 range. EVEN if price made a temporary spike above the upper blue trend line, it might be a sell into the rally time!
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
