So, at first sight, you can probably see how similar WAVES is to QTUM!! The similarity is uncanny. This means that the sentiment that drives both coins is quite similar. Most likely, many of the buyers of QTUM and also buying WAVES. The chart below shows WAVES completing an a,b,c,d,e consolidation and yes, WAVES also loves triangle patterns. Once complete, the target would be $24.83 or HIGHER!
The WAVES/BTC pair shows that it decisively broke OUT of the very long and large downward pointing symmetrical triangle. Now this triangle is bullish because it's pointing downwards. Why does indicate bullish propensity for price? From the beginning of this triangle, there are plenty of sellers. However, as the price decreases, the number of sellers decrease. The triangle also has a contracting barrier and this limits the degree of up and down price can have. As price continues to decline, the sellers are nowhere to find and so only buyers remain and that's why price explodes!!
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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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.**