Here is an updated long term chart:
Now take a look at this chart. Doens't it look just like LSK?!!!! That's right, in nature, life, stocks and cryptos, patterns repeat based on the Gold Ratio observed by Leonardo Fibonacci.
The breakout here too was in five waves i,ii,iii,iv which are done. And if so, what happens? Every five waves are corrected by a three wave abc retracement. I've labeled the possible retracement abc (red).
The beauty of TA is it's really based on mathematical ratios but interpretation is the art and that takes tons of failure experience to gain. TA can be explained using the E=MC2 ratio as well since all events are photoelectric tied to electromagnetism! But going that way to explain hurts too many heads.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: 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.
So once the abc retrace has occured, is it always followed by a surge. Sorry just getting my head around this. Your posts are very helpful. Amongst the info out there i somehow stumbled across your post hence here i am, on steemit. Trying to learn all things crypto😅
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Sporny, there are no accidents! Stumbling onto my blog was not a chance event!
If the abc is after five waves and the retrace is deep enough, yes, the surge is very likely. This is because greater the retrace, the more oversold it gets and the pent up buyers emerge more strongly. It's like holding your breath. The longer you hold, the deeper your inhale will be.
I wish you MASSIVE profits!
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You're a star!
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good info - resteem
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Thanks Haejin for reviewing DGB. Do you consider the fundaments and TA when you make analysis or just TA? I've seen people that use one or the other or both. Also, does the Elliot Wave Theory also work in reverse? Like when there is a strong downtrend. Or is the downtrend always just a retracement?
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