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
Note
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.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.