SUMMARY
The total market capitalization of all listed coins can be charted as shown below. The symmetrical triangle line drawn shows a potential for a critical juncture. The apex, or the point at which the two lines intersect is very proximal to current price. This means that volume is low and price is waiting for release from the confines of the contracting lines.
The key question is as to which direction the breakout is likely to occur. Elliott Waves show that the correction is probably a ZigZag (5,3,5) type. Note the red abc and how red A has five subwaves. This is what marks it a ZigZag. The red B wave has three subwaves, red abc. The final red C wave also shows five subwaves. Wave 5 is likely not yet complete and so an incremental lower low is likely. However, beyond that, this ZigZag can technically be considered complete. So, if ABC correction is complete; what happens next? A breakout to the upside is the most probable outcome after the final wave 5 of C completes and that can be any moment.
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.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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Tutorial on the use of Fibonacci & Elliott Waves
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