AlexCH
Long

EOS- Do we give leeway for 100% retracement in leveraged market?

BITFINEX:EOSUSD   EOS / Dollar
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This is a H12 chart.

Today, we made a new low at $6.75 which punctured the june 24th low of $6.8926.

There is a clear and completed ABC pattern that was anticipated since last month, which was terminated on June 24th's low. (See related idea: Keep track of this short opportunity).

The question now becomes:
Is the wave 1 of the impulse to the upside still intact although we wicked below the start of wave 1? (Dogi on H12 chart)

It is not the first time that EOS retraced 100% of wave 1 with a wick and closed above.

I am willing to take a shot and go long at this price with a manual sl should the daily close below $6.8926. In that case, it would become clear that the assumed wave 1 is no longer intact.

The upside is huge and the downside is limited. I don't see a reason to not take this opportunity.

Comment:
Here is a historical example of how EOS retraced 100% of wave ones with a wick.
Trade active: I held strong as daily never closed below. I will add on breaks of all local resistances to build a bigger position size.
Beware, VERY Large hedge funds shorting EOS and BTC. We should see sub $5 ASAP.
Happy Trading !
+1 Reply
@markn, Good to know man. Source ??
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AlexCH BobFlynn
@BobFlynn, not everything on the internet is true, just fyi
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