SUMMARY
Electroneum (ETN) is showing a well defined bullish, downward pointing symmetrical triangle. It's been labeled with the subwaves of ABC (whie). Given how five blue subwaves seem to complete the C; the likelihood of a bottom increases. What's important is to see if we can see the indications of a solid trend reversal.
Here is an ascending triangle and minimum price distance measure to about $0.113 or so. From my experience, not every triangle need adhere to Elliott Waves as not every triangle looking pattern has five waves of 3s. This is why combining Chart Patterns with Elliott Waves is very helpful.
The first round of impulse is needed to indicate the start of a trend reversal. While there is a breach of the upper white line of the wedge triangle; it doesnt provide enough probability assurance of a trend change. The blue waves also jive well with the ascending triangle minimum run target of $0.113 or so.
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 shoud 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!!
--
--
