Plenty of hype surrounding this coin that is yet to describe a code/node/blockchain product. Justin Sun seems to want to concentrate on marketing and creating hype before delivering any real product. Price movements and trends would indicate a potentially bullish outlook for now.
Chart described: Blue curve - early slingshot to drive pricing into the downward pointing triangle Purple triangle - downward bullish indication as sellers lose steam, buyers enter Elliot wave from lower point of bullish triangle.
First attempt at charting, any ideas appreciated :)
PS. Not financial advice, just my first idea on what could eventuate :)
Sashdan
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@jackspacee, how do you form the elliot wave? I understand that you predict that the coin first tests its ATH. But how do I get realitic values of 2, 3, 4 and 5?
jackspacee
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@Sashdan, so I worked on these assumptions using common Fibonacci levels seen in stock movements. Again, I'm new but from what I've read the most common fibonacci retracements seen are - 38.2%, - 50%, and - 61.8% (for wave 2 and 4). Most common extensions are 61.8%, 100%, 138.2%, 161.8% and so on (for wave 3). So for each wave I chose the following levels based on those assumptions:
Wave 1 tests the previous ATH
Wave 2 is based on a 50% retracement of wave 1
Wave 3 is 2.618 times the wave 1 level (this is an extended wave)
Wave 4 retraces approximately 38.2%
Wave 5 extends a similar length to original wave 1 to end the cycle
That's what I get from reading a few resources. A lot of assumptions... I am yet to read it but I hear "The Elliott Wave Principle: Key to Market Behavior by Robert Prechter" is an excellent book explaining Elliot Waves. Plenty of online resources as well :)
Sashdan
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@jackspacee, thanks a lot for the explation and recommendation!
@Alminc, initially as the slingshot led to the triangle forming MACD showed signs of being overbought, MACD rising above the signal line and then falling indicating time to sell as entering the triangle. On close zoom, as the price approaches the end of the triangle (bottom/current time) MACD stabilising and reversing indicating the uptrend and breakout of the downward bullish triangle? MACD new to me so could be interpreting that all wrong, any thoughts for me?