Data (DTA): Basin Phase Almost Over

SUMMARY

The below chart of Data (DTA/USD) displays an ABC (red) correction that is likely complete. The pattern is also a rounded price formation (white arrow). The impulse waves show that if the right wall of the pattern is to be built, it'll likley rise in an impulse. What else?

A rounded formation has three build stages. The first is the left wall and in this case the red B and C waves covered that. Then, there is the basin phase where price goes sideways for a while. As shown by the blue rectangle, it's likely that price is about to exit the basin phase in a wave 3. The right wall will also be covered by an impulse and since symmetry is important, the right wall height should equal the left, or come proximal to it. The MACD is also traversing within its own symmetrical triangle and should breakout to support the coming price run potential.

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?

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