ETC is in a Classic Flat Correction

in bitcoin •  9 months ago


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?

Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!

If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

ETC will have an Airdrop coming in early March. That could help with the price. I wrote a post about it...

ETC is having a nice movement up now. Let’s see if it can continue moving upward


I very much appreciate your posts. Thanks for your efforts and hardwork.

The best has yet to come! :)

good .
plyss evote me pliss

apparently the fall is over and it was just as you said it came to 6k bitcoin and started to go up, you are a genius greetings


its not over until it breaks the upper resistance. I have explained this to so many people on cryptocompare that called names and called people fudders for making people aware. Last time when it went from 7500 to 9500 or so. Then what happened it when everyone said 7500 was the bottom? drop to 6k. I think once we go above 10k we can call it a reversal.


I agree with you. We aren't out of the woods yet. But longer term I am still bullish BTC


The scenario of the larger ABC is still in play.

nice post,, !I'm looking forward to more of your quality content.Please check out my recent post on my blog.Just followed you and looking forward to more goodness....

thank you sir.

That's a very useful post,the way you described everything in details that's very effective for those people who are involved in this sector.Thanks a lot to you for such nice post.@upboted

Hi Haegin, could you do VEN please

이클 가즈아!

Pretty informative. It's interesting that we are all used to just endless contribution but steemit incentivizes less content that is more impactful.

Spamming degrades your value, but not posting enough does so as well. Where the happy medium is, is hard to find. And it can kind of suck when you feel you have to balance interaction with your account value/ability but I guess the end-goal may be worth it (curated, paid-out content)

Just bought 100s of ETC at $15 the other day. I will be holding long term and love this coin.

Good analysis ! Thanks for sharing

Bitcoin is amazing and workable currency in the world


Bitcoin is crippled and plague by high fees and congestion and the Lightning Network won't help.


The mempool shows quicker and cheaper transactions