SUMMARY
Elliott Waves move per Fibonacci relationship and thus is ideal in measuring the reflection of sentiment on price movements. Since price is a sentiment reflection, it is the earliest and most upstream indicator. To that end, the below chart of PLR/ETH shows waves 1,2,3,4,5 and is currently in requisite correction mode.
The overall pattern is shaping out a Cup & Handle bullish setup. While this pattern sure takes time to complete and confirm, PLR/ETH is at the stage of nearing the completion phase. Since the peak of wave 5 coincided with top right side of the Cup, the correction is probably wave 2 and so the retracement can be expected to be 0.618 or 0.78 Fib. It's currently retraced 0.5 and if Bitcoin continues its minor correction; a lower low for PLR/ETH is to be expected.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Hello @haejin, have you looked into $PAC? It's an interesting coin that has recently gone thru a coin swap. It has a very active and vibrant community and has just been listed on some exchanges. I would love to see your analysis on $PAC!
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Thanks for the information, very interesting to use
Coins mentioned in post:
Thank you Haejin
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Edited: So there is a breakout in respect of BTC and a retracement in respect of ETH. very confusing.
Also why my comment is flagged?https://steemit.com/bitcoin/@haejin/pillar-plr-btc-breakout-alert
buen posT