SUMMARY
NEXUS (NXS/USD) completed five waves up and it was near vertical! Such moves almost always result in a deep retrace. A ZigZag was patterned in as wave A and C both ahve five subwaves. The below chart also shows that likely the current C wave position could be a good bottom candidate. However, a breakout in price is needed.
The close up shows that the initial rise was a five wave impulse and not a three wave corrective move (red impulse). The correction since then has consumed time and retraced in a channel between parallel lines. The correciton can basically bedefined as an abc. However, a breakout of price from the channel is needed.
Until that breakout is confirmed decisively, the projected white impulse waves remain with only wave 1 having the probable completeness. Perhaps, overnight price action will deliver the breakout; aided by Bitcoin price strength up!
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 shoud not be considered financial or investment advice of any kind. One should consult with a financil 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!!
--
--
