GX Chain (GXS): Cup & Handle

haejin (87)in #gxs • 6 years ago (edited)

SUMMARY

GX Chain (GXS/BTC) has been rising out of the ABC correction and moving in a channel; which is indicative of an impulse in motion. The price countours since B wave have also been that of a rounded bottom or likely a Cup of the Cup & Handle pattern.

The impulse wave can be mapped out as shown below. Waves 1 and 2 are complete and 3 is likely still in progress. The MACD is showing that this is not a crash scenario but rather a trend reversal being continued up. Once wave 5 is complete, expect a 61.8% retracement in correction. So, what does this mean? Don't forget to take profits! I've had so many in the past 15 years who just stared at their profits and then saw it decline to almost where they started. Then, of all things, they blame me! Unbelievable. Guilt of a self made mistake is always projected to someone else only to gain a brief moment of a false innocence.

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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
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