SUMMARY
Veritaseum (VERI/USD) has not yet bottomed. It's correction commenced on January 7th and likely has a bit more lower low to go. It had and still does fit well into the boundaries of a wedge pattern as shown in below chart. This correction is quite natural because it's following an impulse motive of five waves (blue).
This chart sows a full doc of waves and subwaves. Instead of an ABC trace; the WXYXZ (yellow) is used to label the declining retracement. The yellow Z is furthre subdivided as a micro wxyxz (white) which calls for a lower low; perhaps one last time. At around $143; the price proximity tot he Apex would be ideal for the start of a trend reversal.
Fibonacci shows that $143 woudl equate to about 0.618 retracement. For Cryptos, deep retracement is often the norm given the shortage in liquidity. In due time (years?), this should change where volatitlity and % drawdown will both decrease.
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
