SUMMARY
I believe EOS has great potential and future and had recommended it when it was $0.47 in October of 2017 and many had called this a shit coin because of the inflationary release of new coins. As it hit $18+; a whopping 3,533% in profit was pegged. Not too shabby.
I had posted the below broadening pattern during the last post on on February 28th. However, at that time price was sitting on the bottom white support line of the broadening pattern. The condition was that this support had to hold. Today, price had breached the line as shown in below chart:
It would be favorable if this breach is only temporary where price soon returns back inside the broadening pattern. IF that occurs, then a bull wick would be labeled. It is imperative tha price not remain below the support line more than a day or so lest that support become a formidable resistance.
IF the price remains below; it is likely not the end of the world as the whole decline is still a correction and every correction comes to an end. I've updated the abc (red) subwaves and the component five impulse waves (white). However, the bottom target could be at around $3.30 or so but that would be 43% below current price level....not a favorable scenario.
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?
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