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 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.
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.
Well, that was fun.
No, not really.