SUMMARY
This is the TenX (PAY)/USD pair and it shows quite a bullish setup. The bottom line is that the handle portion of the correction is nearly complete. The downward wedge has the price near the apex! This is like the closes signal to an end of a correction!
The Elliott waves show a wave 5 target of $13.08 or 270% profit potential. Wave 1 consists of much of the cup portion and wave 2 is what makes the handle; hence the deeper retracement compared to if it was wave 4.
Look how the PAY/BTC pair is behind and lagging the PAY/USD pair. This is because unlike the dollar pair which only has the single variable of changing demand for the coin; the /BTC pair has the change in Bitcoin price itself as a second variable. These compound to having the lagging effect because the demand for the coin must exceed the rate of Bitcoin change.
The PAY/ BTC pair is projected to be carried to 0.00417 BTC. The smaller degree of trend white waves are the subwaves to blue wave 1. Blue wave 2 forms the handle.
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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