SUMMARY
On April 2nd, the below chart was posted for EOS with the analysis that price had bull wicked off the lower white trendline and that the next steps would be an impulse drive upwards from then current $6.04.
EOS price hit as high as $23.04 as can be seen in the below chart. Is it finished going up? No, but it's time for a minor correction. The bigger price picture moves within the broadening pattern and yes, it's still in the midst of the Jaws of Wealth movement.
IF the "Jaws of Wealth" continues whereby price makes orgasmic lunges towards the upper white trendline; the the blue Elliott Waves project a potential price pathway. And yes, I believe wave 5 has a strong chance of being extended. WHAT DO YOU DO WHEN YOU SEE AN EXTENDED WAVE 5? That's right! You SELL and don't walk but RUN AWAY!! Why? Because the subsequent correction will be 88% to 94% retracement; often towards the prior wave 2!!! Look how the MACD just exploded out to support the rise towards blue wave 3! THAT is what many Altcoins will do in the coming weeks; like popcorn popping....the PopCorn Symphony in G Major! However, blue wave 4 correction must first complete so yes, likely, a minor decline is to be had before the wave 5 sprint towards the $50.77 target!!
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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