CryptoCow

EOS - Elliott wave count with correction target

BINANCE:EOSBTC   EOS / Bitcoin
Hi friends, I thought I'd share with you my Eliott wave count for EOS , and the target for the ongoing correction.
I will also give you an alternate count after my main count.

So the way I see it, we have just completed wave 3, so a wave 5 is still to come.

IF my analysis is correct, we can assume two things:

1.) My target for wave 4 lies between 0.00147 - 0.00167 satoshis (see blue box on chart). Looking at the history of EOS , the target is more likely to be on the lower side of the box.

This corresponds with the 50% - 61.8% Fibonacci levels. Since wave 2 has not retraced a lot, have to assume that wave 4 will retrace to those levels.

Mind you, we should see a wave B somewhere along the line, I think we haven't seen it yet.

2.) Since wave 1 and 3 had about the same length, the following wave 5 will be either shorter, or longer than wave 1 and 3. My guess is that wave 5 will be the longest. But keep in mind, we also have to watch what BTC is doing.

Looking at the bigger picture, we have just finished wave 3 of an even larger wave 3. That means that after this cycle is finished, a large wave 5 should start. Well that will be interesting - with the token swap, afaik EOS will not even exist anymore, so maybe wave 5 will be canceled alltogether, lol.

My alternate count: since wave 3 is often the longest wave, it's also possible that we have only finished the subwave 3 of this wave 3 (in orange), so in this case the subwave 5 is still missing.
If that is the valid count, my correction target would be around 0.0017 satoshis.

Seeing how far we've already retraced, however, I must assume that my main count is correct, until proven otherwise.
Comment: This is playing out nicely as planned so far.

Wave B is completed, wave C started.

Prepare for another ~ 20% drop.

Comment: Correction: Wave B will be completed shortly, when I wrote my last comment only half of it was done.
Then we should continue down to our targets.
Trade active: So wave B is officially completed, and wave C has started (damn, that took a long time).
Comment: Caution guys, I think we might not quite reach my targets - EOS seem to be stopping at the 50% Fib-retracement level.

To me it looks like the correction is almost over.
Comment: EOS has formed a falling wedge inside of a downtrend channel - I think we will get a bounce from the 50% retracement level.

EOS has formed a falling wedge inside of a downtrend channel - I think we will get a bounce from the 50% retracement level.
Comment: EOS has formed a falling wedge inside of a downtrend channel - I think we might get a bounce from the 50% retracement level.

Trade closed manually: Correction is finished, we only got down to the 50% retracement level.

Time to go long now - I will post a new chart shortly.

Comments

EOS has formed a falling wedge inside of a downtrend channel - I think we will get a bounce from the 50% retracement level.

Reply
Correction: Wave B will be completed shortly, when I wrote my last comment only half of it was done.
Then we should continue down to our targets.
Reply
CryptoCow vivekmessikumar
@vivekmessikumar, this is just how markets move. Nothing special here.
Whales are also market participants, just like anybody else.
Reply