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.
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This is playing out nicely as planned so far.
Wave B is completed, wave C started.
Prepare for another ~ 20% drop.
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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
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So wave B is officially completed, and wave C has started (damn, that took a long time).
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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.
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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.
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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
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Correction is finished, we only got down to the 50% retracement level.
Time to go long now - I will post a new chart shortly.