After five impulse waves up, ETC has been correcting in a flat abc fashion as shown and marked in below chart. Elliott Waves states that the C wave of an abc always has five subwaves. The red waves i,ii,iii,iv are shown to be complete while wave v is likely still to be. Now there is a scenario that shows a bottom could be in and the price could swing to a renewed impulse move upwards. Until wave evidence of that occurs, my model shows that wave v remains to be.
ETC/BTC is trying to fashion out a WXYXZ complex pattern with the last Z as a potential triangle. Such terminal pattern is not rare and for cryptos, more common than in equities. This correction was preceded by a rounded bottom and the handle portion was composed of the wxy waves. So, IF the Z wave is complete or is about to; then a breakout would be needed to confirm. Let's see how the overnight price moves.
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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