So EOS put in a beautiful 5 wave impulse and is now correcting. We have 3 possible routes and like all else, the path will be determined by Bitcoin.
The 3 options:
MOST BULLISH: BTC has bottomed at just under 8400 and will now start up, leaving EOS to complete its D and E before a 3rd wave explosion out of the triangle formation. Timing is never easy but just for fun I will call 11am EST as the breakout time with 6pm (Asian Market open) as close second.
Almost As Bullish (so naturally with fewer capitals): BTC will go down a touch more to 8280-8050 range and EOS will complete its ABC to a still very bullish 38% retracement for wave 2. Then up we go in a hurry.
least bullish: BTC corrects deep on its 2wave and goes below 8k testing 7900 and even 7700. This will bring EOS to the very common 50-61.8% retrace zone between the two golden pocket lines. I see this as least likely and will not even consider a 78% retrace or EW failure unless I see something supremely bearish on BTC chart.
You have your levels for reloads ppl. trade smart and remember this is not advice, just a shared idea.
The 3 options:
MOST BULLISH: BTC has bottomed at just under 8400 and will now start up, leaving EOS to complete its D and E before a 3rd wave explosion out of the triangle formation. Timing is never easy but just for fun I will call 11am EST as the breakout time with 6pm (Asian Market open) as close second.
Almost As Bullish (so naturally with fewer capitals): BTC will go down a touch more to 8280-8050 range and EOS will complete its ABC to a still very bullish 38% retracement for wave 2. Then up we go in a hurry.
least bullish: BTC corrects deep on its 2wave and goes below 8k testing 7900 and even 7700. This will bring EOS to the very common 50-61.8% retrace zone between the two golden pocket lines. I see this as least likely and will not even consider a 78% retrace or EW failure unless I see something supremely bearish on BTC chart.
You have your levels for reloads ppl. trade smart and remember this is not advice, just a shared idea.
Note
Actually the absolute most bullish scenario is that EOS just put in a truncated C wave and will just bust out of the triangle on this suspected D wave.Note
BullWick just nowWell I was off on my breakout prediction by 15min LOL. 10:45 breakout. Needs confirmation but BTC looks to have made a very strong reversal candidate with this recent bounce off of 8250ish. Wave 3 (or C up) on its way I think
Note
Wasn't going to update bc so few likes...and EASTER but EOS is still MEGA BULLISH. It printed a wedgie of a bull flag and is just about ready to pop. Looks like BTC bottomed yesterday providing a nice entry at 5.11 which is just about the 78.6 retrace from the high (lower line of our golden reversal zone on chart which I didn't think we would reach...ty for help getting there BTC).Now I expect BTC to make another few legs up to complete this bounce or reversal and by the time BTC reaches 8k EOS should be above $8. 9k...$10 EOS. Bargain prices disappearing for good so load up would be my recommendation but keep in mind I do have a pretty obvious bull bias and don't subscribe to the idea that BTC is going to 4k, which would bring with it a further decline in all alt prices including this gem.
Note
Correction: the lower golden line EOS retraaced to was the 61.8% retrace. This still leaves the 78.6% as an option should BTC make one more lower low at 5800-6300 range. IF BTC heads down again (likely today if at all), this area would be our last entry opportunity. DON'T MISS IT. If you are looking to enter now you can either jump in with a fairly tight stop OR just watch BTC and if itbreaks 7220, invalidating the major bear count, you can expect it to flay for a bit and take EOS with it. The rise will be rapid above that level so stop buys would be good around 5.95 6 area if you can't be by computer. this is a spot where a 15-20% jump in 30min is more likely than anything else imo. If BTC goes down then again sit on your hands and cast a ladder around 78.6 retrace.... I would also start nibbling with your entries in a revisit to the lower levels of the golden zone we have on the chart.Note
Here's a chart of the wedge I am seeing. We could break out here on the D wave where stop entries around 6 would be good. OR if BTC turns down we can get another shot at 5.10-5.20 area with wicks lower. If BTC falls further than I expect, I still don't see EOS going below the 78.6 between the gold bars but have orders around 4.67 just in case for a safe addition to my long.tradingview.com/chart/Uu8PfBmE/
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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.