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Thread: EOS/USD Analysis

  1. #46
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    EOS/USD

    The price of EOS has also broken out from its ascending range but fell only by 7.36% from its highest point on Sunday at $2.81 to 2.61. Like in the case of Litecoin the price spiked to the upside yesterday coming to retest the 0.786 resistance level but shortly fell back to the levels from which the increase was made.



    Looking at the hourly chart, we can see that the price of EOS formed an ascending channel in which the price moved in a five-wave manner. This could be interpreted as a leading diagonal especially considering that this occurred after an interaction with the 1.272 Fibonacci level and the decline from the breakout momentum out of the ascending triangle.

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    EOS/USD

    From Sunday when the price of EOS was sitting at $2.776 at its highest point we have seen a decrease of 8% measured to today’s lowest point at $2.554. The price is currently being traded slightly above today’s low but is showing early signs of minor reversal developing.



    Looking at the hourly chart, we can see that the price of EOS hasn’t fallen back to the levels of the prior low like we have seen in the case o Litecoin but a similar pattern is developing as we have seen a descending triangle forming from the end of November. This means that a similar expectation is made although we might not see a retest of the prior low for the completion of the ending diagonal.

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    EOS/USD

    From Monday’s high at $2.56 the price of EOS has decreased by 15.23% measured to the lowest point the price has been this week which is at $2.17 made yesterday. But the price started moving to the upside impulsively from yesterday’s low and came back to $2.511 which is an increased of 15.56%. Currently, the price is being traded at $2.46 and is consolidating.



    On the hourly chart, we can see that the price fell below the 1.272 Fibonacci level which was the prior low and presumed to be the ending point of the 3rd wave of a lower degree from a five-wave move to the downside which is considered a C wave of a higher degree. Like in the case of Litecoin we have seen a spike to the upside but in EOS’s case, the price hasn’t found resistance at the prior horizontal level and only made a minor retracement.

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    EOS/USD

    Like in the case of Litecoin, the price of EOS has recovered significantly from last Wednesday when it was sitting at $2.19 at its lowest point, coming to $2.6 at its highest on Monday this week which was an increase of 18.6%. Currently, the price is being traded at around $2.49 as it was in a downward trajectory since the start of the week.



    As you can see by looking at the hourly chart, I was expecting this spike to the upside but as the beginning of the larger recovery. A five-wave move to the upside developed which could be the 1st sub-wave of the higher degree impulse wave. If this is true then the decline seen from Monday is its 2nd wave developing which can push the price all the way back to the prior low although unlikely.

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    EOS/USD

    On the EOS chart, you can see a similar picture as in the case of Litecoin, as this cryptocurrency also experienced an exponential increase from the start of the year. From the 3rd of January when the price was sitting at $2.44 we have seen an increase of 65.82% measured to the highest point the price has been which is at around $4 made Tuesday this week.



    On the hourly chart, you can see that the price is currently being traded at $3.6 and is retesting the 0 Fib level for support which is the significant ending point of the upper range and serves as a pivot point. As the price spiked inside the territory of the upper range and managed to stay above the 0 Fibonacci line it could mean that further increase is highly probable but if the price falls below the mentioned level further decrease would look more likely.

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    EOS/USD

    The price of EOS has also decreased back to the levels of Monday’s low as it came down by 4.81% to $3.496 at it’s lowest point today. It is currently being traded slightly above $3.5 mark but is struggling to make any movements and is stuck in a tight range. This is indicated by the wicks on the hourly candles from both sides which you can see from the hourly chart below.



    From the yearly high at $4.05 which was made on the 14th of January the first time and later retested on the 17th, we have seen a decrease of 15.7% measured to the Sunday’s low at $3.42. This amount of decrease in combination with the wave structure and the impulsiveness seen, especially on Sunday implies that the correction of a higher degree started with the mentioned decline of over 15% being its first wave.

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    EOS/USD

    From Monday’s open at $3.64 the price of EOS has increased by 15.5% as it came up to $4.2 at it’s highest today and is still being traded around those levels. The price is still in an upward trajectory and is indicating bullish action.



    On the hourly chart, you can see that unlike in the case of Litecoin the price of EOS has surpassed the prior high made on the 17th of January but like Litecoin reached the horizontal resistance level close by and is currently retesting it for resistance.

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    EOS/USD

    In the case of EOS we can see a similar situation like on Litecoin’s chart, as the price continued increasing after a minor retracement since the start of the week. From Tuesday’s low at $4 the price gainer 13.72% coming to $4.6262 at it’s highest point today, around which it is still currently being traded.



    Looking at the hourly chart, you can see that it reached a horizontal level which isn’t as significant one but could provide an early indication that the 5th wave could have ended or is near completion as the price is starting to enter the upper range.

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    EOS/USD

    From yesterday’s open at $5.24 the price of EOS has increased by 4.52% and came up to $5.4 before it made it back down to the levels of yesterday’s open around which it is still being traded.



    Looking at the hourly chart, you can see that the price of EOS similarly like in the case of Litecoin reached it’s significant resistance point and confirmed it by an interaction that caused a minor but a sharp downturn. We have seen an ascending range with a minor spike to the downside which could have been the end of the 5th wave for both the Minuette and the Minute count but since there hasn’t been an interaction with the ascending interrupted level or the horizontal resistance at $5.58 we might see further increase to those levels before a significant retracement starts.

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    Elliott Wave and Triangle
    A triangle appears to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility. The triangle pattern contains five overlapping waves that subdivide 3-3-3-3-3 and are labeled A-B-C-D-E. A triangle is delineated by connecting the termination points of waves A and C, and B and D. Wave E can undershoot or overshoot the A-C line, and in fact, our experience tells us that it happens more often than not.
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    There are three varieties of triangles: contracting, barrier and expanding, as illustrated in Figure 1-42. Elliott contended that the horizontal line of a barrier triangle could occur on either side of the triangle, but such is not the case; it always occurs on the side that the next wave will exceed. Elliott’s terms, "ascending" and "descending," are nevertheless useful shorthand in communicating whether the barrier triangle occurs in a bull or bear market, respectively.
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    Figure 1-42 depicts contracting and barrier triangles as taking place entirely within the area of preceding price action, which may be termed a regularr triangle. Yet, it is extremely common for wave B of a contracting triangle to exceed the start of wave A in what may be termed a running triangle, as shown in Figure 1-43. Despite their sideways appearance, all triangles, including running triangles, effect a net retracement of the preceding wave at wave E’s end.
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    There are several real life examples of triangles in the charts in this book (see Figures 1-27, 3-15, 5-5, 6-9, 6-10 and 6-12). As you will notice, most of the subwaves in a triangle are zigzags, but sometimes one of the subwaves (usually wave C) is more complex than the others and can take the shape of a multiple zigzag. In rare cases, one of the sub-waves (usually wave E) is itself a triangle, so that the entire pattern protracts into nine waves. Thus, triangles, like zigzags, occasionally display a development that is analogous to an extension. One example occurred in silver from 1973 through 1977 (see Figure 1-44).
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    A triangle always occurs in a position prior to the final actionary wave in the pattern of one larger degree, i.e., as wave four in an impulse, wave B in an A-B-C, or the final wave X in a double or triple zigzag or combination (see next section). A triangle may also occur as the final actionary pattern in a corrective combination, as discussed in the next section, although even then it usually precedes the final actionary wave in the pattern of one larger degree than the corrective combination. Although upon extremely rare occasions a second wave in an impulse appears to take the form of a triangle, it is usually due to the fact that a triangle is part of the correction, which is in fact a double three (for example, see Figure 3-12).
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    In the stock market, when a triangle occurs in the fourth wave position, wave five is sometimes swift and travels approximately the distance of the widest part of the triangle. Elliott used the word "thrust" in referring to this swift, short motive wave following a triangle. The thrust is usually an impulse but can be an ending diagonal. In powerful markets, there is no thrust, but instead a prolonged fifth wave. So if a fifth wave following a triangle pushes past a normal thrust movement, it is signaling a likely protracted wave. Post-triangle advancing impulses in commodities at degrees above Intermediate are usually the longest wave in the sequence, as explained in Chapter 6.
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    Many analysts are fooled into labeling a completed triangle way too early. Triangles take time and go sideways. If you examine Figure 1-44 closely, you will see that one could have jumped the gun in the middle of wave b, pronouncing the end of five contracting waves. But the boundary lines of triangles almost never collapse so quickly. Subwave C is typically a complex wave, though wave B or D can fulfill that role. Give triangles time to develop.
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    On the basis of our experience with triangles, as the examples in Figures 1-27 and later in 3-11 and 3-12 illustrate, we propose that often the time at which the boundary lines of a contracting triangle reach an apex coincides with a turning point in the market. Perhaps the frequency of this occurrence would justify its inclusion among the guidelines associated with the Wave Principle.
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    Elliott Wave and Triangle

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    EOS/USD

    The price of EOS has decreased by 18.93% since yesterday’s high at around $4.6 as it came down to $3.724 and even spiked further down. Since then we have seen a slight recovery with the price managing to stay above the $4 mark.



    On the hourly chart, we can see that the price like in the case of Litecoin found support at the lower ascending trendline vicinity and came just above the 0 Fib level before it found support. The recovery that followed hasn’t made any major gains and is struggling to keep the price above $4.

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    EOS/USD

    The price of EOS has also been decreasing impulsively from Mondays open at $4.41 which is it’s highest point of the week at $3.42, made today. This decrease of 22.44% has starting to look like completed as a minor recovery has been made with the price currently being traded at $3.57



    On the hourly chart, you can see that the price of EOS fell below the significant starting Fibonacci level and tested the 0.236 one with a quick spike. As it looks like the buying was activated by this movement a minor recovery of around 6% has been made with the price attempting to find support on the 0 Fib level from the upper side.

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    EOS/USD

    The price of EOS has also been increasing from yesterday’s low at $3.56 and made a 4.75% increase as it came to $3.71 at its highest point today. Unlike the price of Litecoin we haven’t seen surpassing of the prior high but this price of EOS is still in an upward trajectory.



    On the hourly chart, we can see that an ascending channel has started forming since the 28th of February when the price came down to $3.422 at it’s lowest point which was an interaction with the 0.236 Fibonacci level. This point could have been the ending point of the ABC correction to the downside like mentioned in the case of Litecoin, but on the chart of EOS, the wave structure implies likeliness to the alternative scenario in which we are seeing the development of the 4th wave from the C wave.

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    EOS/USD

    Similarly like in the case of Litecoin, the price of EOS has also made a significant decrease today, coming from $3.1 at the open to $1.9 at it’s lowest which is a decrease of 38.61%.



    On the hourly chart, we can see that rejection at the 0.5 Fib level has caused a significant downturn with the price headed to the 1.618 where it found support. The wick on the buyer’s side indicates that the price reached buyers’ territory but the bearish momentum is strong which is why we could have seen a temporary stop before a further decline.

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    EOS/USD

    The price of EOS has been moving in a similar manner like the price of Litecoin in the last couple of days as after an interaction with its significant horizontal level has been seen with whom an interaction has lead into a sideways movement.



    On Monday’s open the price was sitting at $2.11 from where we have seen an increase of 12.23% measured to the 1.272 Fib level at $2.372 but the price is currently sitting at $2.3 and is retesting the ascending support trendline.

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