EOSUSD has been moving in a range since last November. First, the price hit $18 but then retraced to $4 and then again moved up to $23 but fell back to $10.29, which is the current price level.
It looks like the price is in an ABCDE range and it is going down to $6.0. This is the support target, IMO. If the price can hold at around $6.0 then the last leg of the formation can take the price up to $30 level.
For the short run, there is still chance to see a price level around $12 but this needs to be interpreted as an short term move (sub 4th wave).
Kommentar
⋅
I, II, III, IV and V should have been labeled with ABCDE. Sorry for my mistake.
Kommentar
⋅
For the very short run, the price may hit $11.0-$11.2 range and starts to retrace back.
Kommentar
⋅
Although there is H&S look, I still think the target is $11.0-$11.2.
Not sure how you're calling this wave 4. It's already retraced deep below wave 1 in your chart. Am I missing something?
leopisbig
⋅
@workin2005, I think there is more leg up to $12 level. This is what I wanted mean. Starting from the last B wave, the price is still in the 4th wave area. This last wave of sub wave 4, which is a C wave, seems moving up to its target.
workin2005
⋅
@kvck, I get that, but it can’t be in a 4th wave. According to Elliot wave, wave 4 can’t penetrate the top of wave 1 by more than a wick.
leopisbig
⋅
@workin2005, I got your point now :) I should have labeled it with ABCDE, not with I, II, III ...
As you know, if it is ABCDE, then there is no problem with retracement levels.