Elliott Wave Analysis: ShitCoin Index Is Eyeing July 2021 Lows

FTX:SHITPERP   Shitcoin Index Perpetual Futures
Hello Crypto traders and investors!

We are pretty sure you are wondering when it's time to buy cryptocurrencies again. Well, Cryptos are still trading in a bigger sideways correction, which we see it as an A-B-C flat formation, especially if we take a look on shitcoin index, where we see quite clear Elliott Wave Pattern, called 3-3-5 flat correction .

A 3-3-5 flat correction consists of three waves in leg A, three waves in leg B and five waves in leg C.
As you can see, we have (W)-(X)-(Y) complex structure in wave A, then wave have a three-wave (A)-(B)-(C) corrective recovery in wave B and now we are trading within a bigger ending diagonal pattern for wave C.
The ending diagonal is a special type of wave that occurs in wave 5 of an impulse, or wave C of a correction. This wave often occurs when the preceding move of the trend has gone too far, too fast, and has run out of steam. An ending diagonal pattern is a type of pattern that can occur at the completion of a strong move.

So, what we want to say is that shitcoin index and cryptocurrencies in general can be trading in final stages of a corrective movement, where we are tracking final wave (5) of C, which will ideally retest July 2021 lows and then we will expect real bulls to show up.

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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