SUMMARY
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I've shown the below chart of Ethereum (ETH) for about a week now. One can say with confidence that the Head & Shoulders is now complete and confirmed. The target of $481 is the minimum run. Rather than being scared, be aware. Let's take a longer term perspective, shall we?
In this chart, what looked to be a might bear monster pattern that just got confirmed, looks to be put in its place of proportion. Note the beautiful five waves up that brought ETH out of the downward wedge pattern. The H&S is formed and confirmed to allow for the requisite correction. The minimum run points to the 0.78 Fib zone (white circle). When is the best times to buy again? IMHO, at the terminal end of a correction. At that stage, fear is often the highest too. This is why having dry powder (cash) at hand allows one to wade through the sea of fear and start buying at the terminal ends of corrections. Cash provides tremendous empowerment because you have the power to buy while everyone's 100% invested with zero cash and biting their nails.
Here is the same longer term chart with the MACD. Once this minor and yes, healthy correction completes, the MACD breakout will support higher highs. Remember, discipline and patience!
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
Essay: Is Technical Analysis a Quantum Event?
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