SUMMARY
STORJ could potentially have Google Drive, OneDrive and other similar services some strong competition. However, given that it is a Cryptocurrency used to pay the hard drive space providers, the price of the coin will primarily be driven by the Cryptosphere overall sentiment. Currently, that senitment is in a corrective mood and STORJ is no exception.
The below chart shows a fractal pair in development. Of all financial instruments, I've never seen as many occurrences of fractals like in Cryptos; clearly, another unique personality trait. IF fractal #1 (white box) can serve as a guide to the progression of fractal #2 (blue box); then pattern would be the first item to observe. Fractal #1 completed a definable rounding price formation (blue line) and the same has been extrapolated for Fractal #2. The primary differences between the two fractals are size and time proportions. Recall that a fractal pair have a high similarity pattern but are not exact. So variations in proportion types are quite acceptable.
Using the Fractal map, the Elliott Waves can be laid down. The wxyxz applied well for fractal #1 prior to impulsing to five waves. Note that wave 5 has some extension as well and could impact the degree of retracement. Fractal #2 also labels well in the same triple wxyxz except that the z wave is still in progress. Wave red c of Z could reach as low as prior wave 2, given the extended 5 and so needs to be kept into awareness.
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Elliott Wave Counting Tutorial #1
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