SUMMARY
Bern Cash (BERN), is at the terminal end of a recovery from a vertical trajectory! Going vertical in price to a zone it couldn't handle is not sustainable. You lose wind decline back down to below the initial point. The below chart shows how BERN screamed high and just collapsed below the the prior wave 2...a near 86.6% decline; as shown by the red a,b,c waves. Elliott Waves states that following a five wave movement, there comes an abc correction.
The a,b,c corection often lasts quite a while for Altcoins because it carries more need for time as much as price decline. That's what an abc correction brings, a sudden decline followed by a very slow sideways churning of price between buyers and sellers.
Once the handle formation is complete, price is expected to resume an impulse as shown below by white Elliott Waves at a smaller degree of trend. Still, much of this depends on Bitcoin (BTC) direction.
Legal Disclaimer: 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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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