MELON (MLN): A Minor Correction in Progress After a Breakout
SUMMARY
MELON (MLN) posted a very nice five wave impulse following a breakout from a symmetrical triangle. It then retraced almost all of the rise in a deep abc retrace as can be seen in below chart. The depth of retrace is often reflective of the degree of trend and also wave 2 personality. Recall that wave 2 can retrace as much as 99%, as long as it doesn't equal the start of wave 1. MLN has pretty much demonstrated that feature!
What's more important is whether there is a bottom in progress. The abc waves are labeled with their subwaves and a zigzag can be seen. Since this was a deep retrace, it would likely be a zigzag as it provides a farther reach in price than a flat. The C wave shows a very nice subwave set of 1,2,3,4,5 which also fits well into the wedge pattern.
A closer look shows a minor correction in progress. However, IF this is also another wave 2, but smaller degree of trend, then the abc could go beyond and below the wave 4. For now, I've placed the smaller c to about equal wave 4.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
nice post
Triangle MANIA.. Bitcoin is going DOWN (UPDATED: $4,000 INCOMING?)! https://steemit.com/bitcoin/@investingtips/triangle-mania-bitcoin-is-going-down
Thank you Sir. Can you please do one on bitcoin cash?
BCH
Great post
Great analysis!
Congratulations @haejin, this post is the ninth most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 49 and the total pending payments to posts in these categories was $3345.84. To see the full list of highest paid posts across all accounts categories, click here.
If you do not wish to receive these messages in future, please reply stop to this comment.
That's a very good post. I really like to read it. Lots of knowledge contained therein. Thank you haejin 👍👍👍
https://steemit.com/@ceetada
Wow, simple and clear three charts, which reflecting the trends and it's interesting to look that you have studied the market and their trends pretty well and your chart also are not complex and rigid, so it reflecting the trends pretty well. Thanks for sharing your opinion and keepup the great work. 🙂
Stay Blessed.