Kyber Network (KNC) is Seeking a Correction Bottom

SUMMARY

The correction for Kyber Network (KNC) has so far been a steady decline nearing the 0.88 Fibonacci retracement zone. Altcoin holders need to get used to this type of deep retraces because it's rooted not necessarily in pump and dump scenarios but rather shortage in liquidity. It's like an adult wading into the kiddy pool; the water level rises dramatically and declines as much when exiting. This is a key personality feature to keep in mind for nearly all cryptos. The below chart label shows a complex correction in progress and the final Z wave of wxyxz is not yet complete.

Unless price turns and breaches the upper white line; the likely scenario is a lower low. The final 1,2,3,4,5 of the C wave of Z shows that wave 3 is in progress and so once 4 and 5 are complete, $0.92 or so could be the bottom target as it also provides ideal proximity to the apex.

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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