Crypto Contest November 5: Qwark

Qwark (QWARKUSD) has broken out of the triangle pattern in the daily chart.

(Chart courtesy of Tradingview.com)

Elliott Wave Analysis

In Elliott Wave terms, Qwark began a wave one advance on July 16. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on August 17, and the red wave two (blue sub-waves a-b-c) correction ended on October 23. If this wave count is correct, Qwark should be heading next towards the August 17 peak in the red wave three.

(Chart courtesy of Tradingview.com)

Looking at the weekly chart, I believe Qwark is currently in the red wave three (blue sub-wave iii).

(Chart courtesy of Tradingview.com)

Funnymentals

Qwark runs on Ubiq. Here is a quick introduction to the coin:

Qwark runs on a custom built blockchain called Ubiq, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.

(Source: http://www.qwark.io/)

If you think this analysis is correct, upvote this post and upvote the comment "Qwark will takeout the August 17 peak".

If you think this analysis is wrong, upvote this post and upvote the comment "Qwark will drop below the July 16 low".

If you think Qwark is in a range, upvote this post and upvote the comment "Qwark will stay in a trading range between the July 16 low and the August 17 peak until December 6".

You can upvote the comment until 3 PM EST November 6 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first).