RChain (RHOC): Bullish!

SUMMARY

RChain (RHOC/BTC) finished the left wall of a rounded price formation and breached out of the basin phas (blue rectangle). The right side of the wall is currently being built as shown by the white impulse waves. The handle is likey to coincide with the wave 4 so the corrective retracement probably won't be deep as it can't overlap with the top of wave 1. Wave 1 should provide a much higher high.

Combining the pattern and Elliott Waves with the MACD indicator, once can see that a breakout has occurred. The likely continuation of this is quite high and the purple arrow provides the potential, price supporting, pathway.

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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?

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