Elrond: It's going to get bloody
We like the Elrond chart because the Elliott Wave count is crystal clear. It just finished at a secondary wave 4 in the shape of a triangle that broke to the downside. We are now in minor wave 3 of secondary wave 5 to the downside, this is where things unravel and gets unfortunately bloody. I have set two potential targets to watch. In case of a truncation, it would mean Elrond would simply revisit its previous low of $225 from last week's crash. In case of a channel bottom retest, price could fall as much as $180 in the upcoming days. Since the wave count is easy to read, when this bottoms, it's probably when Bitcoin and Ethereum are going to bottom as well.... We will see!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.