According to my Elliott Wave count, EOS has formed 5 waves up and will soon correct. This count is supported by bearish divergence on the RSI. Although EOS made a higher high in wave 5, the RSI could not top the RSI in wave 3, signaling a loss of strength. In addition, the candlesticks are forming tweezer tops, a bearish pattern.
A possible entry target might be between the 0.618 fib an the 0.382 fib levels. This area was previous resistance and has now become support.
Possible Long Set-up:
Entry: 0.001876
Stop: 0.001790
Target: 0.002030
A possible entry target might be between the 0.618 fib an the 0.382 fib levels. This area was previous resistance and has now become support.
Possible Long Set-up:
Entry: 0.001876
Stop: 0.001790
Target: 0.002030
Kommentera:
After examining the bigger picture, this might be an ABC correction upwards instead of a impulse wave. I think we still will get a short bounce as it is a strong support, but I don't think we will make higher highs within the next few days. A bounce target could be 0.00189.
