EOS has a corrective structure, the main question is "Is it done or half done?"
There are not many (high probability) counts left. Its either a completedzigzag, a(n) (expanded) flat or the beginning of a diagonal.
Short term bias: [Cautiously] Bullish - monitoring the structure for better entry Mid term bias: Bearish - missing the fifth
Tradingview has issues, UI > functionality. Here is the image with the comments that for some reason are not in the idea. (printed as orange lines?)
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Similar price action with Bitcoin and while hovering again around the median, very little room for being wrong which is exactly what you need to take a trade.
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Note that it found resistance at 5.356 again and the target for that is 4.614 so you can adjust the SL accordingly or wait for the price to reverse/stabilize before entering.
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There is some complexity so i will keep the bias that its still correcting on some kind of 4th wave. TP on first target, closing on the second most likely - unless it doesnt make 5 waves till then so will be trailing a small portion on the 3rd one.
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Trade closed: target reached
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Target 1.
Trade closed manually
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Fully closing just before reaching the second one. There is some resistance here on the BTC pair so no wonder it double tops on the USD pair.
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There is a chance that the low is in here (truncation) and this is a new uptrend. Either way you should be aware of a pullback on the last target.
LogicalDeduction must be cooking something, just sayin.
That is a very good representation of the current situation at hand. We have a similar outlook where the price remains bearish within a narrow Falling Wedge, still limited on the upside to a 5.9780 - 6.40 Lower High on the commanding 1D Channel Down. We are already short:
Acel
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@InvestingScope, It similar picture to the majority of the alts that i have checked, chances for one more bounce before continuing lower. Bitcoin is still unstable so there is no direction from that either.
UncannyDeduction
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Not to long in my opinion.
Acel
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@LogicalDeduction, generally or short term? There is a chance for a little bounce before continuing lower. Im surprised you haven't posted a XRPUSD idea now that its close to bottom. It may be the trade of the year.
@LogicalDeduction, yeah, just like the majority of the alts. They have a chance for one more bounce before continuing lower. potential targets for EOS so far are: 4.1, 3.05, 2.65 and 1.22. Not lower than 80c.
@LogicalDeduction, Magic~ . I cant find reason on this with a big certainty, yet . Its probably something more complex, will update as the market reveals itself.