SUMMARY
DASH has been consistently repelled by a downward resistance line as shown in below chart. This line needs to be breached in order for the price to start a new trend. The line has been hit now five times and since a resistance weakens with each attempt, it's still unclear as to when the decisive breach will occur. Elliott Waves show that subwave placements have sufficed for a WXY (blue) pattern and given how price has been adhereing closely to the resistance line, the top alternate could still be a on emore lower low.
However, if price since the last major peak is encased within the contracting triangle lines, then curren proximity to the Apex is quite close. If the WXY is updated to the WXYXZ triplet, then the pattern is able to absorb for the potential lower low.
A note of caution arises when viewing the daily chart. Note the degree of extension for the 5th wave. I've written plenty about the propensity and danger of 5th wave extensions. The retrace is often towards the zone between the prior waves 2 and 4. That's a range between $76 and $248; hence, well below the 0.78 Fibonacci zone. Often the 0.88 or 0.93 zones are hit with 5th waves that are super extended. Do you think this 5th wave looks super extended?
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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