ETHLend (LEND) Elliott Wave Analysis: Extended 5th Often Lead to Deep Corrections
SUMMARY
ETHLend (LEND/BTC) placed a five wave motive (blue) and as is quite the norm for Cryptos, wave 5 was extended; in other words, the longest of the five. While the degree of extension was not very significant; Cryptos have a personality trait unique from equities where the frequency of extended 5th waves is quite high on a daily chart scale. This is another reason why equities applications and guidelines of Elliott Waves can't be overlayed on Cryptos; such personality traits must be taken into consideration. Whenever there is an extended 5th; one needs to be concerned on the degree of correction because it is quite often very deep; well past the prior wave 4 zone. The below chart shows that the correction could soon be closer to the prior blue wave 2. This is often the 0.88 Fibonaci levels.
The correction is labeled as a complex triple WXYXZ and each subwave has been filled. This is also another way for extending the time length of the correction. The final c wave's five waves could be nearly complete. This gives greater probability to a trend reversal potential coming up.
One can't forget the tendency for the correction to drag on even more than expected. The below chart outlines a revised label of the triple. The red arrow shows a potential for further sideways price movment into April/May time frame.
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
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Tutorial on the use of Fibonacci & Elliott Waves
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Hello @haejin,
You have received up-vote from @steempeninsula account courtesy of @bob-elr and team.
Keep writing good post.
Thanks, very good post !!!!
Awesome Work!
Keep it up!!!
@cryptoinvestinfo
What is your favorite Hardware Wallet?
I don't use hardware wallets.
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@haejin,
I have been following & upvoting your cypto analytic post since i joined steemit.
I would want to get a tutorial on how the Elliot Wave works and to start using it for investment analysis.
Thank you & keep up the good work.
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Nice update and this is the major reason why I'm following you. Thanks for sharing @haejin.
Great Job. Upvoted!
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Very good article! Very in-depth analysis! Thanks!
@haejin since market is bleeding what would be your advice. People are so panicked at this moment.
Very good analysis :D
Very good @heajien
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Haejin, thank you for all of this! I am looking forward to our 1 on 1 session. If you have time, would you please do an update on EOS! I