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The below chart of ZCash (ZEC) shows that price is traveling on an ABCDE sequence of which A, B,C and D are complete. The Final E wave rise could be starting (blue circle). Price has now for the second time briefly pierced the lower blue trendline and that is often a bullish indicator as it removes weaks hands or would be quick sellers.
The closeup shows that there was a distinct five wave impulse move upwards (white). This current retracement has been a very 3,3,5 Flat type as shown. The yellow lines also demarcate a downward bullish wedge pattern. The impulse five waves are actually themselves subwaves to a higher degree of trend wave 1 and the abc are subwaves to a higher degree of trend wave 2. Once complete, wave 3 should take prices in trek towards the E wave.
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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
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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