OmiseGo (OMG) Target raised to $19.21; This Analysis Takes the Flash Crash on Nov. 29 into Consideration....here is how in this blog!
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SUMMARY
OmiseGo (OMG) had a flash crash on November 29th. Prior to that, I had projected $15 price target. So, when taking into account the flash crash, the below chart shows an update on the a,b,c corrective waves. I maintain the $15 target but for wave 3 and now project wave 5 to target $19.21 or so. The destination remains unchanged as there are multiple price pathways to it. What causes flash crashes? Sentiment. Is it foreseeable? Sometimes. Should you always use limit stops? YES!
Below is the OMG/BTC looking quite bullish. A bull flag has formed and is nearly complete. Price needs to breach out of the upper white resistance line and start the onset of blue wave 3. Target remains unchanged at 0.00034 BTC.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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Legal Mumbo Jumbo: 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.**
Nice post! I upvoted and followed you. Can you check my last blog post about crypto: https://steemit.com/cryptocurrency/@cryptoizotx/crypto-market-sentiment-update-december-3-2017 ?
OMG!
i notice that the when the impulse wave starts, the corrections (wave 2 or wave 4) happens so quickly that we can't even try to day trade this. look at EOS, i was looking to buy but it has now left me lol. the "hurry up and wait" syndrome seems to happen only in the major correction phase
OMG has a huge future.
I'm still studying elliott waves - TA. I hope to master the subject in the best possible way and that is achieved with practice, practice and more practice.
Thank haejin for the update!
Please, look at the count and please tell me if it's fine (short-term).
Any comments or suggestions I'm open to learn
Cup and handle pattern.
ohh
Cool I did see the bullflag myself. Lol!
Great post!
Could you please research (SNT) Status?
Unfortunately only bought a very small amount of these around $6/7 so will sell at 19 and buy half BTS and Half BTC with the profits :)
Thanks for your analysis. However, I consider that omisego is not correct. This will break the resistance and anger higher before a correction like wave 2 close to 7usd. I would like it to be like that, but it's not like that.
Thanks for your analysis. Could you update one of LISK, LSK?
Thanks for your TA.Any how on Bittrex flash crash was around 7.8USD less then on Bitfinex.
I will be very gratefull if you do Lisk TA again.
The problem is, many people had stops that weren't executed. Bitfinex claimed it was just slippage, but there were 3 such events a few mins to 4 hrs apart. Only looking at volume and order books can prepare for this kind of what you hinges. And even then, there are no guarantees you can avoid it. I have moved 95% of my money out of finex. They just seem more and more like they will become Mt Gox 2.0
Consider that plain stops are market orders and so are trailing stops. If the buy volume is low compared to the stop orders volume, the whole order book could be swept and market orders could be placed at extremely low prices.
Limit stops, on the other hand will not be executed as the prices will just run through the limit value on their way down.