SUMMARY
Ontology (ONT), even in its infancy, shows a distinct set of five waves up in an impulse motive, as shown in the below chart. Elliott Waves states that after five waves, there is a requisite correction. That correction has already started as shown by the red ABC waves. These have also been traveling in a downward channel resembling a bull flag pattern. Price has breached the upper line. Many would consider that correction to be complete.
However, the Altcoins don't know how to correct quickly. It's always an execution of a Hurry UP & Wait syndrome. The ABC (white) shows the potential elongation of the correction.
There are many variations to each correction; usually 34 possibilities. The WXYXZ is yet another corrective pathway price can take to generate additional time and price extension.
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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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