SUMMARY
Rounded price formation is the most common amongst Altcoins and much of it is rooted in the lack of liquidity or network effect or Metcalfe's Law. It doesn't matter what form of liquidity; if it's a lack, then it will require a very time and price extended correction. The below chart outlines an event where the impulsive waves over accelerated and the resulting correction thus will require a price and time extended correction.
Even subwave placements indicate that the correction will likey require an extension in time. The most probable pathway will require the bottoming formation. When projected with such, would an entry ladder be cast in haste? Patience and discipline have no regrets. Forward discernment is a de-risking strategy.
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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
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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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