VeChain (VEN) Primary & Alternate Both Bullish
VEN placed a classical wave five up (circled white) followed by an abc flat correction. This abc correction can be labeled in other ways; however, I've selected the flat.
After tagging the C bottom, price then started impulsing upwards in a very clear fashion (parenthesis white) and is currently correcting since Elliott Waves states that after five waves, there is a requisite retracement.
Fib measurement shows that 0.618 level was the retracement. This is quite common and since wave 5 was not extended, the 0.78 would not have been likely.
The longer term perspective shows that from now to late Fall of 2018; price is expected to be flying into the all time new highs clouds.
The alternate count shows a potential abcde triangle pattern. This means that waves d and e still remain. Regardless, if this is the pathway taken, the upside target remains little changed.
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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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