LISK (LSK/USD) has been correcting since early January and as can be seen in below chart, price has been going sideways. When price has no particular direction, the WXYXZ triple combination label is used (blue). This count shows that the blue Z would require a lower low and price is likely travel as a 5,3,5 zigzag. IF this is correct, there should be a bounce for an abc (red) retrace.
A more simplified labeling is an easy red ABC. While technically correct as shown by the subwaves, this ABC doesn't exactly address the sideways meandering of the price. Regardless, the terminal end of wave C also calls for a lower low. The five subwaves of C are shown in the white 1,2,3,4,5. The lower low is expected to coincide with Bitcoin's current correction.
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?