AdzCoin (ADZ): Wedge Pattern Requires an Incremental Lower Low

in #adzcoin3 years ago

SUMMARY

AdzCoin (ADZ) placed a five wave run with the 5th wave a bit extended which also ended in a flameout of buyers. The resulting correction has been in a the form of a downward wedge and thus far retraced to the 0.88 Fibonacci level.

The key is not to jump the gun and assume the correction to be fully complete at the breakout of price from the wedge. Altcoins never correct so fast with such brevity. Instead, the correction drags on through sideways action that best fits a complex correction. Of the abcde waves, the wedge is complete with abc while d and e will require an incremental lower low.

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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very nice post about blockchain...

It would be interesting if someone knows a good tutorial to begin in this wonderful world about the technical analysis. Even if Haejin, or other steemian has a course where I can learn at least the basic about fibonacci and its application in the cryptoeconomy.

Open your eyes, Tutorials are just above the Upvote and follow banner!

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