SUMMARY
The prior ascending triangel pattern with a target of $373 attained only $355. I explain profit protection using trailing STOPs. The below chart is an updated combination of Elliott Waves and Chart Pattern. The blue circled numbers, 1,2,3,4,5 represent solid impulse motive which is followed by a requisite retracement. Elliott waves has three types of retracements; the zig zag otherwise known as the 5,3,5 and the flat, also known as 3,3,5. The third is a triangle and the below chart labels an a,b,c,d,e triangle. Wave e is not yet complete and this means a likely dip towards $291 or so. From there, prices should start impulsing up in five waves. These a,b,c,d,e triangle types have directional bias for up when the e wave ends at the bottom triangle line.
The long term perspective lies in the white numbered wave 1 and 2 because after waves 1 and 2...wave 3 is next. In this case wave 3 is UP which means higher highs are expected.
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Nice work!
Sir could you update on ETH?
thank you so much
FYI, the ETH price is more than 2 Standard Deviations out from the BTC price for the first time since the last 3 months I been tracking these pairs.
BUY, BUY, BUY!!!
The problem I have is nothing seems to be moving with bitcoin. Alot of money from other alts seems to be going in it. Not major alts like eth, neo or omg and such. But none of those are increasing much. My worry is if Bitcoin keeps climbing on its own and then corrects big! Will it take eth, neo or omg down with it. Or we will finally see some decoupling? Usually people take profits in to fiats, so I am afraid bitcoin might ruin the party for eth, neo or omg lol
Have you read my phasic to non-phasic blog? When BTC was going vertical, the alts were all red. Now, Alts are going phasic to BTC while it rests.
Ether is based on the Ethereum blockchain platform, which offers a set of decentralized development tools for which Ether could be used as currency. This is why developments in the Ethereum platform can affect the currency.
As a Technical Analyst, I don't read much on the fundamentals. Elliott Waves states that a news or an event shall arrive to justify the forecast, never the reverse. This means sentiment begets the fundamentals and Technical Analysis reads sentiment.
I agree with you :
Sentiment indicators
Indicators related to the technical analysis of financial markets.
On the Forex, the floating exchange market, sentiment indicators are intended to measure the market consensus, the share of forex traders who are bullish, neutral or bear on a currency parity. The sentiment indicators belong to the contrarian analysis, which is itself part of the technical analysis. The principle is to consider that the majority is always wrong and to take the opposite course.
Example: if the majority of investors are bulls on the Euro Dollar (EUR / USD) pair, it is very likely that the uptrend is closer to the end than its start-up phase.
2 Sigma is 86% or the top 16%. This can be sustained for a bit. Now, 3 sigma is the one I want to see and perhaps ETH might get there. Not required, though.
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What is your price target for BQX?
Can you Look at litecoin again?
Thank you Haejin for all your TA...
I do want to query something that I feel is very important which is the time line verse the price target. Your freehand impulse waves look like 600 would only be achieved in the 2nd quarter 2018? You seem to have drawn the impulse wave on the same time frame as the 'hurry up and wait' drawn out correction. The previous impulse waves are significantly steeper than the new impulse waves you projecting, and if this is applied could it not be possible that 600 could be achieved much sooner... Even this year? Time is as significant as price and is also surely subject to fibanoci scaling.