SUMMARY
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Rchain (RHOC/BTC) ran up in a five wave impulse (white) before correcting and patterning out the rounded price bottom. Recall that a Cup & Handle consists of two patterns; a rounded price and a bull flag. The full flag formation or the handle could be nearly complete.
The below chart shows that the MACD is a bit oversold and the white line has curled upwards and crossed the red. This is a potential buy sign. The blue impulse waves show the projected breakout price pathway. IF this pattern setup is correct, then the correction is either already or very nearly complete.
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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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