LISK (LSK): Bull Impulse or a Bear Flag?

SUMMARY

Lisk (LSK/USD) made a beautiful five wave up last year (white) while also making a classic symmetrical triangle consolidation (blue) before moving up. The resulting ABC correction seems to be complete as well given that the red C waves has five distinct subwaves (blue).

The rise since the likely bottom of wave red C is occuring in a channel. This is usually indicative of an impulse status. The white 1,2,3,4,5 shows that 3 is still in progress. Could this channel also be called a bear flag? Yes. After wave 5 completes, there will be the requisite retracement whic will likely correct 0.5 to 0.618 of the rise; hence fulfilling the bear flag pattern. Look at the MACD...does it look like it's in a crash mode or breakout mode? Would you be taking buying or selling actions?

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!!
--
--