Properties of an Elliot Wave:
Wave 1 - Hardly ever obvious at its inception, previous trend is still considered to be in force.
Wave 2 - Corrects wave 1, never extends beyond the starting point of wave 1 however. Bearish sentiment builds. Volume is lower than wave 1.
Wave 3 - Prices rise quickly, corrections are short-lived and shallow. As wave three starts, the news is probably still bearish , and most market players remain negative; but by wave three's midpoint, "the crowd" will often join the new bullish trend . ( volume higher than wave 2)
Wave 4 - Volume is well below than that of wave three . This is a good place to buy a pull back if you understand the potential ahead for wave 5. Still, fourth waves are often frustrating because of their lack of progress in the larger trend.
Wave 5 - Wave five is the final leg in the direction of the dominant trend. The news is almost universally positive and everyone is bullish . Unfortunately, this is when many average investors finally buy in, right before the top.
Nevertheless it will carry all the altcoins higher so I think we have to look for the best percentage (Litecoin? Neo? Ether?) to ride this new momentum.