SUMMARY
This blog has consisently said to almost always expect an extended correction from Altcoins given their nature to rush the impulse waves while making the subsequent retracement seem like watching paint dry or the toaster to finish toasting. When price goes sideways in any correction, it should give alot of information regarding upcoming patterns and Elliott Waves. The below chart shows the first downward wedge and it would be quite common to ask if that could represent the bottom of the correction. Given how the Hurry Up & Wait syndrome is prevalent across the Altcoins, suspicion should be the undertone of any conclusion that the correction bottom could be in. This is why alternate scenario counts come into play.
The ABC can easily be seen as the finishing markings of this correction and while still likely even as cofirmed by the subwaves, the length of the correction is a bit short in time.
The alternate count shows that the whole sideways movement could be labeled as WXYXZ complex combination. This means that the Z wave is likely not yet complete and unless price starts impulsing up like asap and start making higher highs; a lower low could be targeted.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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@Haejin You do not provide any entertainment. I brought you some.
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Hoping a good positive treand
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Congratulations @haejin, this post is the ninth most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 58 and the total pending payments to posts in these categories was $3520.64. To see the full list of highest paid posts across all accounts categories, click here.
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@haejin, thanks for help the beginners!
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@Haejin You do not provide any entertainment. I brought you some.
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Nice update. Thanks for sharing @haejin
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Your article is well written, and I will continue to pay attention to you. I want to ask you how to do this steemit? What do you do to make your steemit get such a high income? I sincerely invite you to learn. We can make good friends, are here to help each other. Look forward to your reply, thank you!
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very efficient post, lots of messages and good form. I'm waiting for the next posts, and this time I'm going to swim :)
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Dear @haejin
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Hoping for a good bull run and a good profit after the blood bath in the market.
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Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @ranchorelaxo valued at 162.07 SBD, based on the pending payout at the time the data was extracted.
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😊
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