SUMMARY
While it would seem expectant for EOS to carve out a nice and simple abc correction as shown below, by now we all know that Altcoin corrections are nothing but simple. The below chart can complete but it looks too quick.
Subwaves almost always help better elucidate the progression and the below shows how the final C wave could traverse. However, I would not be surprised by more and extended lateral move after the last wave 5 is complete.
I believe the correction is better represented as below in that while the lower low can be tagged, the correction end point could be not until well into February. However, with $7.7 Bil in market Cap, EOS could soon adopt the behavior of BTC or the traits of the bigger coins which like Bitcoin doesn't express the Hurry Up & Wait as much. It would be interesting if such morphs can be observed.
Legal Disclaimer: 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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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