SUMMARY
Siacoin (SC) had previously corrected thorugh a very long and drawn out a,b,c correction. The right side of the Cup & Handle peaked and correction is now in progress.
The below chart shows that price needs to break out of the chanel. IF the a,b,c correction is complete, then the breach of the upper blue line would allow price to continue and put in the initial impulse that could signal a turn.
The alternate scenario stands if Bitcoin makes a lower low and likely, the whole Cryptosphere will follow this direction. Would it be the end of the world? NO! A buying opportunity! The white wxy for a,b,c is shown with red C wave at the level of the next support.
In not forgetting the Hurry Up & Wait syndrome of Altcoins, the below would allow Siacoin to take all the time it needs to meet and live up to that. IF this is the case, the longer, drawn out correction could test anyone's patience, except those who are already well aware of this scenario. What to do? Cast attractive buy ladders.
Legal Disclaimer: 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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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