bitcion

SUMMARY

DragonChain (DRGN/USD) has declined in an ABC (blue). The subwaves show that it's likely an ABC flat (3,3,5) type. The pattern also shows a rounded price formation in development and price has exited the basin phase which usually is indicated by sideways and overlapping price moves.

The recent rise was also in an impulse five waves (white). The current correction is in overlapping 3s and so best labeled with wxyxz sequence which also represents the subwaves of the higher degree wave 2. Once complete, if not already, the wave 3 white should onset and allow much higher highs and allow the right wall build of the rounded price formation to start.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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