SUMMARY
TRON (TRX/USD) is analyzed and it's important to emphasize that the /USD pair is my primary mode of analysis because it has a single variable; the change in demand for the coin. The /BTC has TWO variables; the change in coin demand and rate of change in BTC price. THIS difference makes the /BTC pair chart LAG the /USD pair; especially during the uptrend. IF the coind does not have a /USD pair on exchange; I STILL analyze on USD chart and then translate this into the /BTC equivalent but the buy/sell actions are still modulated by the USD price analysis. I've explained this before but with many new comers, please review my tutorials for more details.
TRON (TRX/USD) is carving out what seems likely to be a bowl or cup formation. Price action thus far shows that the Hurry Up & Wait syndrome is still in progress. The correction often goes a bit sideways during the bottom of the pattern. The white vertical line shows the half way point and since it's been passed; the remaining waves 3,4 and 5 are likely to start putting in the righ wall side of the cup formation. The target is $0.19 in this process.
Closeup shows that the Ascending Right Triangle pattern is still valid; so live and kicking. It has actually progressed since last update as shown by the blue arrow line. Price is expected to be entrapped within the triangle contracting lines and as it becomes more proximal to the Apex, the breakout strength should only build. For this pattern to remain valid, the lower white line support must hold.
When a pattern becomes embedded within a larger pattern; it's quite bullish. The Ascending Right triangle is shown to be embedded with a larger symmetrical. Volume decline can also be noted as confirmation. More proximal price is to the Apex; more likely the breakout time will occur. Let's see what happens the next few days. For this pattern to remain valid, the lower white line support can't be breached decisively.
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?
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