SUMMARY
If you recall how long the Cup & Handle pattern for Steem took back last year, many sold and left out of frustration. When STEEM was sub $1, it seemed as if the pattern would never finish. Well, it's not so different for 1st Blood. And yes, these Cup & Handles take a very long time and often outlasts most investors' patience. But this is where discipline and the "Forest" view takes over so as not be lost in the "Trees". The pattern is still likely in progress as shown by the markings in below chart. The target still remains at 0.00135 BTC for the top of the handle formation. It's important to note that once the pattern is complete and confirmed; a lengthy bull run can be sustained.
The Elliott Waves could tentatively be placed as shown below. IF this is correct, then wave 5 should complete the cup formation. This would mean that the handle will probably coincide with the requisite retrace or wave 2's abc decline. IF the handle is wave 2, often the retrace is 50%. However, let's first see if price can climb the wall of the right side of the Cup formation.
A closeup shows a downward wedge formation that could be complete soon. The EW shows abcd as likely done and wave e remains. It would be interesting to see if this wedge decides to breakout at wave d rather than finishing e.
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
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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