SUMMARY
The more I look across the Cryposphere, the more I see evidence in pattern and Elliott Waves that corrections are coming very close to their terminal ends! This is mostly driven by common pattern speciation which is derived from sentiment commonality. The mass psychology of cryptocurrency holders is what's driving this market.
The below chart shows what could be a very ripe and mature Cup & Handle pattern. While there is that risk of a breakout that morphs into a sideways action; it looks just ready to breach the upper white line.
Closeup of subwaves show that the handle formation is occurring after a five wave impulse and thus the handle is coinciding with the wave 2 of a higher degree of trend; hence the reason for the deeper retracement of 0.618 Fibonacci zone. The abcde subwaves of the handle looks just so done!
Drilling down to the subwaves of the final red c wave is showing that it's a zigzag and so putting in the final 5,3,5 markings. Exciting potential!
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
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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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