SUMMARY
On April 5th, the below chart was presented with Ox (ZRX) analysis showing that price was traversing within a downward wedge pattern and that pattern, Elliott Waves and indicator were calling for a sizable breakout.
And that breakout happened! 413% in profit has been delivered!! NOT TOO BAD for a one month in return!! So what's next? I've added the impulse wave marks and thus far, waves 1,2 and 3 seem complete. IF wave 3 is already complete, then expect blue wave 4 to onset. This should retrace about 0.38 or so. This would cause a dip in the MACD but the requirement of wave 5 would turn MACD upwards once more. As those who have had one on one consults with me, you know that I take some profits at waves 3 and 5. Why wave 3? Because its height isn't that different from 5 unless it's extended.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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?
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