WickHunter
Long

EOS WAVE 5 TARGETS

BITFINEX:EOSUSD   EOS / Dollar
Hello Traders,

My Elliot Wave count would suggest EOS has completed its primary wave 4 retrace to the Daily 200 MA and also to the Weekly 50 MA. These key moving averages should act as support for the next wave up.

My wave 5 target would be at the top of the channel, there is a fib cluster and previous pivot high there. It looks "normal" in terms of an Elliot Wave 5 but really this is just a guess as to where price will end up.

If price falls below the Daily 200 MA and Weekly 50 MA that is a bad sign for EOS and would imply price will drop even further. It would also invalidate this TA as the start of Wave 5.
Comment: Here is the support from the Weekly 50 MA in purple. Interestingly it looks like price rejected off the Weekly 100 MA in pink that has only just started to be drawn on the chart.
Comment: Just having another look at the EOS 4hr chart, RSI is oversold, MACD wants to turn up. It might sound obvious but trading is about buying low, selling high. The price of EOS has just spent the last 40 days going down and has dropped 50%. Everything points to a buy opportunity.
Comment: The 2.236 fib is an important support level for EOS as you can see by previous price action.
Comment: Here is the EOS/BTC pair. Its oversold on the daily with bullish divergence. Its also oversold on the weekly.
Comment: The Weekly RSI looks like a descending wedge.
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Comment: hmm Bitcoin breaking down from its h+s is pulling EOS down. Im half expecting a wick down to the 1.618. As mentioned above, dropping any further would be bad for EOS and pretty much invalidate this idea.
Comment: Retrace went deeper than expected and hit the edge of the fib channel.
Comment:
Don't feel like you should have any sympathy for the 100s of readers who maybe lost money on your advice they should be making educated trading decisions. But I hope you took something from this experience. Best of luck in your future analysis :).
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@JAyeIV, I dont. I even put above falling below the 1.618 pretty much invalidates this idea.
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JAyeIV WickHunter
@WickHunter, honestly it's just the wrong market to be a bull. Bitcoin goes on a bull run and Bitcoin dominance continues it's uptrend, while alts are relatively static. Subsequently Bitcoin falls and alts fall with it, what choice do the altcoin investors have at this point?
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@JAyeIV, I was bearish on everything else. Check out my LTC idea. I definitely think these "alts" are showing more and more weakness.
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Where i can learn about the Daily MA?
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Nailed it!
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Anybody listening to this guy trying to use support levels that have not been touched yet or overbought oversold indicators to predict the future is going to lose their money. Bitcoin dominance is at all time highs, EOS has zero fundementals anyways and it is rightly in a downtrend. All anybody can do is give you the status of trend as a result of price action. Whenever someone tries to use varieties of metrics to predict the future it is usually just confirmation bias.
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@JAyeIV, Did you see my chart EOS Wave 4 Retrace Target? I had this exact place plotted as the retrace area for wave 4. The 200 MA Daily and Weekly 50 MA are acting as support. "Anybody listening to this guy"... where is your CHART to counter ague this analysis.
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JAyeIV WickHunter
@WickHunter, look all you can really confirm is that there could possibly be a trend reversal if you are correct in your scenario. But you have to be bearish because fundementals don't agree with you and what you are hoping happens hasn't yet. Honestly all you can say is presently it's in a down trend close to several support levels that it may or may not react to. It hasn't even reached the 200 ma yet. Additionally your wedge in the rsi hasn't confirmed I could easily find no confirmed wedge patterns throughout this chart. Stop trying to be a fortune teller.
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@JAyeIV, "look all you can really confirm is that there could possibly be a trend reversal if you are correct in your scenario." Yes thats right, IF i am correct in my scenario and the analysis I have presented explains why I think this will move up here. "But you have to be bearish because fundementals don't agree with you and what you are hoping happens hasn't yet." Why are EOS fundamentals bearish? Its a Top 10 crypto. It takes time for stuff to happen. We will see with time. " Honestly all you can say is presently it's in a down trend close to several support levels that it may or may not react to. It hasn't even reached the 200 ma yet." Look at the Daily, its wicked the 200 MA twice and price is currently wicking above the 200 MA. The price respects and reacts to moving averages. Traders who are watching moving averages would expect the Daily 200 MA to hold and be a buy opportunity same with the Weekly 50 MA.
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