SUMMARY
Here is DASH/USD where the correction is labeled as a double three combination using blue WXY and the subwaves have been filled in accordingly. The inititial sideways price action always are the first indications of complex combinations and it's popular amongst cryptos because it allows time to be consumed and elongate the correction. IF the blue Y is complete, the price could be expected to rise in an impulse manner.
Using Fibonacci levels, the current minor correction coudl be expected to decline towards the 0.618 zone. The ZigZag (5,3,5) correction is recorded with the subewaves 5, 3 and 5. The last 5 waves have just likely started as shown by the whtie 1 being complete with 2,3,4,5 still to come to complete the blue (b). As Bitcoin is also in a minor correction, DASH is unsruprisngly tracking BTC.
Here is the DASH/BTC pair. It's moving much more sideways than the DASH/USD pair which is labeled using WXY double three. The DASH/BTC pair is much more side elongated and so labeld using the triple combination WXYXZ. It's Z wave is not yet likely complete and primary count shows a lower low potential. IF BTC continues to rise but the demand for DASH does NOT outpace the rise rate of BTC; the BTC pair will initially decline. Also, DASH/BTC is lagging the DASH/USD pair which as already completed the WXY and did not require the more lengthy WXYXZ!
The alternate count for the DASH/BTC pair is shown as an abcde triangle to finish off the blue Y wave of the WXYXZ triple. This is more common in cryptos than in equities, again displaying the "personality" differences between the two on how they behave in Elliott Waves. Note the timeline to potential completion being July whereas the DASH/USD could already be complete and well into the impulse trend reverse stage.
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
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
