SUMMARY
PotCoin (POT/USD) has developed a few wicks that often befuddle newbie Ellioticians. White wave 5 in the below chart is assigned to a tall price wick. While others might ignore this and move on to another price bar as the wave 5 candidate, I believe price wicks should be labeled. Only during pattern marking do I take more liberty of excluding price wicks. Patterns allow more variance and cutting through a price wick to allow better pattern perception is acceptable. I have also assigned red wave b to the next price wick which would also be ignored by many Elliott Wave counters. The subsequent WXYXZ then allows for a lower low. This would also mean the the lower white support line needs to hold as support; although, a bull wich piercing could be desirable. Once this lower low is tagged; the correction bottom could be nearby.
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
