SUMMARY
Elliott Waves move per Fibonacci relationship and thus is ideal in measuring the reflection of sentiment on price movements. Since price is a sentiment reflection, it is the earliest and most upstream indicator. To that end, the below chart of PLR/ETH shows waves 1,2,3,4,5 and is currently in requisite correction mode.
The overall pattern is shaping out a Cup & Handle bullish setup. While this pattern sure takes time to complete and confirm, PLR/ETH is at the stage of nearing the completion phase. Since the peak of wave 5 coincided with top right side of the Cup, the correction is probably wave 2 and so the retracement can be expected to be 0.618 or 0.78 Fib. It's currently retraced 0.5 and if Bitcoin continues its minor correction; a lower low for PLR/ETH is to be expected.
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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
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Essay: Is Technical Analysis a Quantum Event?
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