NOTE: I'm trying to meet as many of the analysis requests sent via comments and emails and Skype and Twitter. As always, I'm behind; thanks for your patience.
I've been asked to provide a mid to longer term projection on Siacoin (SC). To begin with, the below chart shows the current microcounts where the circled white impulse waves draw out the initial rise and the abc correction completes the Elliott Wave motive.
From the perspective of a longer term, I've drawn out the intermediate to primary degree of trend waves. I've adjusted the timeline to best approximate. However, when you view this chart, the initial five microwaves were subwaves to the higher degree wave 1 and we are currently in wave 2. Which wave would be next? Wave 3 up with an approximate Fiboacci target of $.29 or so. So, from this perspective, would now be a good time to ladder in a buy? IF there is a lower low, what would that represent? A panic selling opportunity or a buying opportunity? What do you need to buy? CASH! You raise cash during the bull runs; when price goes near vertical periods! This cash is then deployed during the terminal ends of a sizable correction. These longer term targers, are they written in stone? NO! That would require a crystal ball. However, probability of Elliott Waves shows that higher highs are much likely and getting the direction of price correct is more important than target precision. What if you bought at a higher price and have no cash? HODL for Wave 3!
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 shoud 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?