WAN Chain (WAN): ABCDE Consolidation

SUMMARY

WanChain (WAN/BTC) recently ran up in price via a five wave impulse. Since then it has been correcting and just like any altcoin, it doesn't really know how to correct quickly. The symmetrical triangle is a pattern that allows time and price extension.

The ABCDE corrective waves fit well into the symmetrical triangle pattern. I believe once waves D and E are complete, a breakout can be expected. This breakout also would be equivalent to a wave 3 of a higher degree of trend, it could spark some fireworks. The MACD shows that the histogram is putting in higher lows and that means the white moving average should start curling upwards to support the completion of waves D and E and later the breakout.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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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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