CryptoCow

EOS - The Final Pump! ...might be a sucker's rally.

Long
BINANCE:EOSBTC   EOS / Bitcoin
Hello friends, this is my third and final "Final Pump" post :-)

In light of recent events, I made a complete re-count of the waves and subwaves (and subsubwaves) on EOS , you can see the result on the chart.

Since I believe that EOS has completed a complete 5 wave structure (adding up to 1 huge wave), it looks like this correction is not over yet.

The way things look, I have to assume that we have only completed wave A of an ABC correction, and we are now in the beginning of wave B. Since EOS has retraced to the 50% level, a typical target for B would be the 23.6% level (see chart). I will give alternate targets in a comment below.

I know that many people will probably say that I'm crazy and an inevitable, massive pump will follow - but Computer says "no" ;-)


The life of EOS , the token that we trade today, will end on the 2nd of June (see red vertical line in chart). The token will be frozen, and be replaced by the "real" EOS coin, or whatever it will be called.

This fact poses some very interesting questions not only, but especially for Elliott wave traders:

1.) What will happen with the ongoing wave? Will it continue just were it left off with the new coin?

2.) Will the (wave) history of the EOS token play any role for the new coin? Or will it begin a completely new wave cycle?

Fascinating questions, indeed.
Please let me know your thoughts on this in the comments below.

And as always, if you found this post helpful, please hit the Like button.
Trade active: If we get a more bullish correction, we might get a so-called flat correction, where the B wave reaches the end point of wave 5, which in this case was the ATH:

Comment: And if we get an even more bullish correction, due to main net launch FOMO etc, we might get an extended flat correction, where the end of B surpasses the top of wave 5:


The target for C in this case can be just above the endpoint of A, but it can also go lower and extend way below A.

Technically, from an Elliott wave perpective, all these scenarios would still form a completely valid ABC correction.
Comment: So far this is not a sucker's rally, but a one-legged-man's rally.
Comment: Aren't you enjoying the rally, as much as I do.
Trade closed: target reached: Target reached, with 2 hours to go.

Well, that was fun.

No, not really.

Comments

0 is the support
Reply
@aklang, that's a really strong one, though
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter