EOSBTC Daily Chart - Weekly Correction Channel Rules
EOSBTC is seeing a very complex extended corrective structure WXYXZ and it is far from over. EOSBTC appears to be Bullish in the Short-term but Bearish in the Medium-term.
Starting with the weekly chart, we are still in the correction phase of the impulse we saw in January. We then drew the pitchfork channel to set the boundaries.
Then moving to the daily chart we are able to find the established horizontal and trend support levels.
Moving to the 4hr chart, we then begin with Elliot wave and discover the extended WXY(X)Z and within that a few contracting leading diagonals (shown with purple converging lines)
The tricky part is actually misreading the contracting leading diagonal of A as a triangle which would imply it as X or a B-subwave. This is because when zoomed into it in the 4-hr chart, we see 5-3-5-3-5 subdivisions and NOT 3-3-3-3-3. The B-subwave comes right after A-subwave and this too could be
misread as being part of the triangle as it is too close.
The big green spike and series of red bars we see recently is part of the C-subwave of (X) which means that the 1st subwave of C-subwave is the longest
and this also has a lieklihood that this C-subwave will be a diagonal.
Logically we expect the Z to dip for a touch of the horizontal support.
Starting with the weekly chart, we are still in the correction phase of the impulse we saw in January. We then drew the pitchfork channel to set the boundaries.
Then moving to the daily chart we are able to find the established horizontal and trend support levels.
Moving to the 4hr chart, we then begin with Elliot wave and discover the extended WXY(X)Z and within that a few contracting leading diagonals (shown with purple converging lines)
The tricky part is actually misreading the contracting leading diagonal of A as a triangle which would imply it as X or a B-subwave. This is because when zoomed into it in the 4-hr chart, we see 5-3-5-3-5 subdivisions and NOT 3-3-3-3-3. The B-subwave comes right after A-subwave and this too could be
misread as being part of the triangle as it is too close.
The big green spike and series of red bars we see recently is part of the C-subwave of (X) which means that the 1st subwave of C-subwave is the longest
and this also has a lieklihood that this C-subwave will be a diagonal.
Logically we expect the Z to dip for a touch of the horizontal support.
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DOUBLE TOP FOR EOS?