Adz Coin (ADZ)
Adzcoin (ADZ) hurriedly finished up an impulse motive of five waves up (white). The wave 5 wick is quite common in Cryptos. Often these represent a flameout of pent up demand of buyers. This type of flameout is common on the sell side as well. It's pretty much a way of "burning" out the remaining "fume" of eager buyers blinded by greed and unaware. It's often difficult for price to resume the original trend once a flameout occurs. For AdzCoin, this is how the top of wave 5 was placed and the start of the correction was started. Thus far, the retracement has been tracing a triangle pattern which is incomplete.
The abcde red waves are each subdivided into threes and thus far, a,b,c are complete with d and e pending. Should the triangle complete at projected target, it would have hit the 0.78 Fibonacci zone and it most likely won't be the end of the whole correction because it would be too quick. The degree of time extension is likely the next projection to be assessed one the triangle pattern completes.
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Elliott Wave Counting Tutorial #1
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Elliott Wave Counting Tutorial #3
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