SUMMARY
Wave labeling of KOMODO (KMD/USD) would pose a challenge to any novice Elliottician as it is almost as complex as it gets. These sideways price movements are of two types: Doulbe Three and a Triple Three. On either of these, a triangle can become the final component. These combinations themselves subdivide into simpler types called zig zags, flats and triangles. These are combined to extend sideways price actions...e.g., EAT TIME! The stick figures on the right illustrate WYZ as the corrective waves and the Xs as the reactionary which usually takes the shape of a zig zag.
The left side of the chart shows the actual application of the Triple combination with Komodo (KMD). The WXYXZ as well as the associated subwaves have been labeled. The final comonent is depicted as a triangle. The blue circle zones represent buy zone areas. If the Z placement is correct, price could rise....but with a keen eye on BTC!
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
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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