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GNTBTC

GNT and Applying EW and TAIf your new to Elliott Waves, this is probably one of the more difficult graphs to try and figure out. So most will scrap it and say "see elliott wave doesn't apply to everything". Well it does, and it works. First I'm going to say what I use Elliott Waves for. I use them to determine what cycle we are in. Why is this critical one might ask. Well it's critical in the way we trade an equity and how we approach the trade. As of late you have seen me post a lot of consolidation boxes. This is the point where the weak perish and the strong go higher. The above graph is an impulsive cycle, please note it works the same for corrective cycles. The cycle starts with a minor impulse wave (I), a small retracement (II), then a major impulse wave where the majority of the traders come in (III), eventually buying is exhausted and we have another retracement (IV), but there are always those that feel this is a buying opportunity and we get a final impulsive wave of buying V. At the end of the 5th wave, there are simply no more buyers, and we get a pullback or corrective cycle labeled ABCDE. Each one of these waves down is made up of fractal impulse and corrective waves as well. When we finish, we have completed an entire cycle (or sub cycle). Once the cycle completes we have either a continuation, or a reversal. This is why you have seen me post many articles with consolidation boxes. I use this in conjunction and other support resistance lines to determine whether the next cycle will be bullish or bearish. You must keep in mind that we may be in a wave 3 of the current cycle, but wave V of a longer cycle. This is critical in determining whether the next leg is up or down. In coins it's not as difficult as they are not that old. But you must keep this in mind. GNT is and ugly chart if your just starting out and makes for a good exercise. When seeing a chart like this, where it is not really clear from just looking, I start to draw trend channels or lines. Trends and patterns work in conjunction with each other, and if you are having trouble figuring out what wave we are in, start with trend lines from obvious points. You'll note I didn't care about the peaks on up-trends, and dips in down trends. That's because when drawing and uptrend you only care about the lower ends, and upper end in down trends (at least for this application). But now we are in consolidation and we must be patient to see if we will continue in a down trend or reverse and start a new uptrend. Hence we must be adamant about not rushing into buy until we break consolidation and find support at one of our key levels. If it resists and falls back we start all over. I have drawn the channel and marked where the resistance and support levels are. We need a break out and retest of those supports to confirm the cycle has started. EW is not that hard, and there are only 3 laws to go by. But of course there are 30+ guidelines. If you don't think it doesn't work, think back. Have you ever felt the need to buy something because you were afraid of missing out and bought in at the top, or better yet felt the urge to sell because the sky was falling and sold right at the bottom. It's psychological, and no matter what market it is it works!
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by goldbug1
47
Bottom Plays - GolemFor those of us still looking to get in on reversal rallies, Golem coin is a good candidate for the following reasons: 1) There is major support at 0.00009 GNT/BTC - This price level was a major area of accumulation from April to May 2017 (see brown circle) - Since the downturn, price has tested and bounced back from this level 2x on July 11 and July 16 (see rectangle) 2) The duration at the bottom - The more time price settles at a certain level, the stronger this level gets; more shares change hands and are either accumulated or distributed. Distribution happens at the top, accumulation at the bottom. - The movement has been sideways for almost two weeks now. When price is sideways, this is a period of no interest. When no one is paying attention, this is where the real buyers come in. 3) RSI and MACD indicators are bullish - When price is sideways or going down, but both MACD and RSI point upwards, this is a good sign. Support is pegged at 0.00009 GNT/BTC. This is a major support area, do not hesitate to cut below this. As for the price targets, it's better to let things run its course first. Happy Trading -J
GLong
by jzulueta19