EOSUSD (EOS) Pending Wave 2 low for BUY breakout. ELLIOTT W3/(C)
EOSUSD (EOS TOKEN) 12 HOUR BARS, 040518, 6:43 pm, EST.
Michael Mansfield, CryptoPlayhouse
Pending breakout buy ABOVE the recent Wave(I) high of 7.28,
or a bit lower for the more aggressive.
1. Selloff since January, while deep, still looks corrective, with wave highs overlapping wave lows,
which by definition is corrective in nature, but there are no guarantees in trading!
2. Recent rally from low of 3.87 on March 8th looks to be a clean 5 wave advance off the low.
Thus, a potential new impulse trend may be forming that could be a large Wave 3 advance, or
possibly a tradable large wave (C) bounce to 9.85-12.50.
3. Pullback from the March 21 high also looks corrective with swing highs overlapping swing lows.
4. Bullish volume spike up from March 18th low to March 21 high, while volume decline sharply during this pullback.
5. RISKS: We are aware of the possible break below blue dotted pitchfork trend-line. If so, that would be very bearish for EOS.
6. BTC cycle analysis suggest intermediate cycle low is due between April 4-10th. if accurate, it should help push things along.
7. BOTTOM LINE: We are positioning for a Wave 3 advance (or large bounce) due to begin within 12-48 hours, else this pullback is more
complex.
NOTE: Our long-term Bitcoin, DOW and SP500, multi-cycle analysis posts are pending. You will definitely want to see those, so
make sure to follow us!
-------------------------------------------------------------
OUR TRADE SETUP. We are looking to:
BUY:
1 unit @7.35 stop to open (conservative, more confirmation, but bigger stop loss risk);
1 unit @7.12 (more aggressive), BUY ON STOP TO OPEN, for each unit.
(And possibly 1 unit on a 15 minute chart pullback IF and once 6.17 is exceeded to the upside.
The two day high is 6.14, so watch that closely.)
INITIAL STOP LOSS @ 5.11 for the top two main breakout trades.
BREAKEVEN AREA @ 9.75-12,
so we'll look to take 1/2 profit at break even area,
depending on wave pattern and momentum.
TRAILING STOP:
Will trail stops below lower pitchfork S1 support line,
or @ ATR VOLATILITY SAR (not shown, TMI),
OCO exit @ smaller upper fork R1 resistance line,
OCO exit @ 18.23 profit target,
or at largest fork's upper R1 resistance line @ 21.20 area,
depending on pattern and momentum.
INDICATORS & VOLUME SHOULD CONFIRM BREAKOUT.
Do not be fooled into a trade too early just because of this analysis. We wait for the breakouts.
If volume does not move up, we reconsider or bail out.
NOTE: TRADE OUTLOOK CANCELED IF 4.66 IS BROKEN TO DOWNSIDE BEFORE ANY UNIT IS FILLED.
-----------------------
PAST TRADE PERFORMANCE OR ANALYSIS PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
TRADING CAN BE VERY RISKY, WITH POTENTIAL OF LARGE GAINS AS WELL AS LARGE LOSSES.
This analysis is meant for purely educational purposes. Any trade you happen to take based on our analysis is
for your risk of loss or gain. We have NO liability for your decisions to follow us, here or at another other time,
due to what we write or do. Trade at your own risk or not at all. Our analysis is the current opinion of the individual author
and can change at anytime without notice to those who may have read this. This analysis is neither investment advice nor a guaranteed science, but rather an informed attempt at predicting future movement based on historical data AND emerging patterns!
We genuinely hope that you pick up some techniques and learn to profit along the way.
If you find this post interesting and helpful, please click like and share widely. Thank you and good luck!
Michael Mansfield, CryptoPlayhouse
Pending breakout buy ABOVE the recent Wave(I) high of 7.28,
or a bit lower for the more aggressive.
1. Selloff since January, while deep, still looks corrective, with wave highs overlapping wave lows,
which by definition is corrective in nature, but there are no guarantees in trading!
2. Recent rally from low of 3.87 on March 8th looks to be a clean 5 wave advance off the low.
Thus, a potential new impulse trend may be forming that could be a large Wave 3 advance, or
possibly a tradable large wave (C) bounce to 9.85-12.50.
3. Pullback from the March 21 high also looks corrective with swing highs overlapping swing lows.
4. Bullish volume spike up from March 18th low to March 21 high, while volume decline sharply during this pullback.
5. RISKS: We are aware of the possible break below blue dotted pitchfork trend-line. If so, that would be very bearish for EOS.
6. BTC cycle analysis suggest intermediate cycle low is due between April 4-10th. if accurate, it should help push things along.
7. BOTTOM LINE: We are positioning for a Wave 3 advance (or large bounce) due to begin within 12-48 hours, else this pullback is more
complex.
NOTE: Our long-term Bitcoin, DOW and SP500, multi-cycle analysis posts are pending. You will definitely want to see those, so
make sure to follow us!
-------------------------------------------------------------
OUR TRADE SETUP. We are looking to:
BUY:
1 unit @7.35 stop to open (conservative, more confirmation, but bigger stop loss risk);
1 unit @7.12 (more aggressive), BUY ON STOP TO OPEN, for each unit.
(And possibly 1 unit on a 15 minute chart pullback IF and once 6.17 is exceeded to the upside.
The two day high is 6.14, so watch that closely.)
INITIAL STOP LOSS @ 5.11 for the top two main breakout trades.
BREAKEVEN AREA @ 9.75-12,
so we'll look to take 1/2 profit at break even area,
depending on wave pattern and momentum.
TRAILING STOP:
Will trail stops below lower pitchfork S1 support line,
or @ ATR VOLATILITY SAR (not shown, TMI),
OCO exit @ smaller upper fork R1 resistance line,
OCO exit @ 18.23 profit target,
or at largest fork's upper R1 resistance line @ 21.20 area,
depending on pattern and momentum.
INDICATORS & VOLUME SHOULD CONFIRM BREAKOUT.
Do not be fooled into a trade too early just because of this analysis. We wait for the breakouts.
If volume does not move up, we reconsider or bail out.
NOTE: TRADE OUTLOOK CANCELED IF 4.66 IS BROKEN TO DOWNSIDE BEFORE ANY UNIT IS FILLED.
-----------------------
PAST TRADE PERFORMANCE OR ANALYSIS PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
TRADING CAN BE VERY RISKY, WITH POTENTIAL OF LARGE GAINS AS WELL AS LARGE LOSSES.
This analysis is meant for purely educational purposes. Any trade you happen to take based on our analysis is
for your risk of loss or gain. We have NO liability for your decisions to follow us, here or at another other time,
due to what we write or do. Trade at your own risk or not at all. Our analysis is the current opinion of the individual author
and can change at anytime without notice to those who may have read this. This analysis is neither investment advice nor a guaranteed science, but rather an informed attempt at predicting future movement based on historical data AND emerging patterns!
We genuinely hope that you pick up some techniques and learn to profit along the way.
If you find this post interesting and helpful, please click like and share widely. Thank you and good luck!
Trade closed manually:
Minimum target reached at 1.618 times the first wave up off the March 18th low of $3.8723. EOSUSD is also bumping up against shorter-term pitchfork upper resistance lines, with this blast up having a clean 5 wave look to it. I would assume a slightly higher high, to 10.01 most likely, with 9.75 another rational place to sell into, . Then look for a nice Wave 2 pullback to between 7.38-6.90 area.
Exiting 75% of positions with a break-even stop loss on any remaining positions. Be prepare buy into Wave 2 pullback, or the breakout from that low, and a longer-term hold for a potential explosive Wave 3 up! This should be a beautiful set up as long as the Wave 2 pullback looks corrective in nature. Michael Mansfield CIO
Exiting 75% of positions with a break-even stop loss on any remaining positions. Be prepare buy into Wave 2 pullback, or the breakout from that low, and a longer-term hold for a potential explosive Wave 3 up! This should be a beautiful set up as long as the Wave 2 pullback looks corrective in nature. Michael Mansfield CIO
