STORJ: Still In The Basin Phase

SUMMARY

STORJ is still putting in the waves for the basin phase of the second rounded price formation. Recall that there is the left wall, basin and the right wall for every rounded price pattern. The Elliott Waves show that wave 1 is likely complete and so wave 2 is next and this means a minor correction. It could, however, retrace 0.5 to 0.618 of wave 1. Still I expecte price to remain well within the countour line of the pattern. Once 3 onsets, it should allow STORJ to start putting in the building blocks for the right wall and so that'll mean higher highs.

When there is a consecutive sequence of bullish consolidation patterns like you see in STORJ; the longer term perspective (not July or to Nov) is quite bullish. The MACD is still working on breaking out and that'll probably coincide with the start of wave 3 up.

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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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