Here is a very busy chart of Elliott Waves and Chart Pattern. The Head and Shoulders Bullish Bottom is marked with the Left Shoulder (LS), Head (H) and the Right Shoulder (RS). Prices surged above the Neck Line (green horizontal) and is doing a brief correction before resuming to the minimum target of $15.97; we all have seen how this pattern easily exceeds the minimum!
Waves 1,2 and 3 (white) are complete and wave 4 is next and once complete, wave 5 will take OMG to newer highs.
For new readers and folowers, here is a didactic link explaining the Head and Shoulders Pattern:
http://www.investopedia.com/terms/h/head-shoulders.asp
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: 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.
I like this idea here. I think that this is a likely scenarios for OMG. I ended up selling on a market structure failure of an ab=cd pattern the other day. Following my trading plan. But damn, it sure recovered wonderfully. I just might end up buying back in at the 4 point of the chart.
Great post. Followed!
I wish you MASSIVE profits!
Thank you!
Yes! $15 has been my goal ever since $4! I completely agree with this analysis.
The main question in my mind is: What happens after $15? I know there is a ton of excitement, I just don't know if the market and time is ripe yet to go any higher.. Thinking of setting sell orders around that level and then wait for a dip to buy back in after a while.
Is $4 the ico price? Been wanting to know the opening price.
I don't think $30 is out of reach in 6mo.
I got in at $8 and have been increasing my positions selling into highs then rebuying more coins with profits on dips.
Nice play!
Head Shoulders often and usually well exceed the minimum target as my followers/readers had witnessed with LTC and XMR and others.
Check out the BTC blog with similar pattern. Target $5,083.
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STOPBitcoin rallied on Thursday in a bid to reclaim its all-time high of $5,000 as jitters over China’s move to declare initial coin offerings illegal further receded.
One bitcoin BTCUSD, -0.31% climbed 1.4% to $4,679.60. However, ether, which trades on the Ethereum platform, slid 1.9% to $331.42, according to data from Coindesk.com.
Please analyse REDDCOIN.
thank you
Here is the RDD analysis, please use only to augment your due diligence.
https://steemit.com/bitcoin/@haejin/reddcoin-rdd-analysis-elliott-wave-and-chart-pattern
Hi Haejin, I am just trying to understand your charts better. So wave 4 is in progress and should complete around midday of 9/8 or around $12.25. Whatever comes first right?
Hi Steepio, you can't pinpoint an exact moment or price target with eliot waves. It's all about noticing a pattern and based on the pattern predicting how the market can move.
Could be that wave 4 is already set, could be it's about to go lower then $12.25. the arrow is an indication.
If you want to take position, i would advise to ladder your buys to get in.
Time and price points on chart are relative. Price trumps time. I thin price turned up already and bottom of Wave IV was $12.31 or so.
Because it's impossible to pinpoint the bottom of any wave, laddering with just 3-4 rungs is better than one.
Interesting technical analysis
If there is a crypto you'd like analyzed, please do let me know.
Monero please?
Here is XMR update, please use only to augment your due diligence.
https://steemit.com/bitcoin/@haejin/monero-xmr-update-no-big-change
what do you think about BTC at the moment? taking a panic
Here is the BTC update.
https://steemit.com/bitcoin/@haejin/bitcoin-btc-update-wave-iv-still-in-the-cards