SUMMARY
I have been emphasizing how the /USD pairs have been much ahead of their /BTC counterparts with regards to price progression. I would like to use EOS as an example.
But first, a quick update on EOS. The below chart is original from prior projection of $2.75 and clearly EOS well exceeded it.
Below shows that five waves are complete. Elliott Waves states that after five waves, there is a requisite a,b,c retracement. To that end, I've laid out the a,b,c waves and the correction could dip to $1.85. Is this the time to panic? Hardly! These corrections are very healthy!
Always ask yourself: Am I seeing the forest clearly? The below chart shows how one could get so caught up in the disappointment of the a,b,c correction and lose site of the forest; e.g. the bigger bull trend as shown by the blue Elliott Waves. Note how bule wave 1 sub waves are the five white waves and the coming a,b,c correction is the blue wave 2. So, ask yourself, what wave comes after 2? Wave 3 and in this case UP! And wave 3 will not be lower than blue wave 1. In that light, one's emotions calms and serenity sets in...not because of a guarantee but you no longer are afraid of the unknown but rather are aware of probable pathway.
The below is a chart of EOS/BTC. It's clearly behind in price progression compared to the EOS/USD pair. So, while Bitcoin corrects, all the Altcoin/BTC pairs could do their catch up. And meanwhile, the Altcoin/USD could do their corrections as well! Do you see the inter-relationship? Check out the video for more details!
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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