EOS / TetherUSLong
EOS Completes Corrective Wave: Is the Reversal Ahead?
EOS has likely concluded its corrective phase, as indicated by a series of completed A-B-C wave patterns. The 15-minute chart suggests that the correction, which unfolded within a descending channel, is now transitioning into a potential reversal or continuation phase.
Analyzing the Correction
The price action of EOS against USDT shows the following key features:
Signs of Completion
The confluence of several factors supports the notion that the correction is over:
What’s Next for EOS?
If the correction is indeed complete, EOS is poised to initiate a new impulsive wave. However, confirmation of this shift will require the price to sustain above immediate resistance levels, likely targeting $1.30 or higher. A failure to do so could result in further consolidation or a retest of lower levels.
Conclusion
The evidence strongly indicates that EOS has finished its corrective phase. As the market moves forward, all eyes will be on whether the bullish momentum can sustain and carry the price into a new trend. Traders should watch for key levels and potential volume increases as confirmation of the reversal.
Analyzing the Correction
The price action of EOS against USDT shows the following key features:
- Wave Patterns: The corrective structure is clearly divided into both major and minor A-B-C formations, adhering to Elliott Wave principles. These patterns guided the price downwards in a systematic manner.
- Key Support Level: The price recently tested the lower boundary of the descending channel around the $1.18 level, a critical support zone. This was followed by a strong bounce, suggesting buying interest and the possible completion of the correction.
Signs of Completion
The confluence of several factors supports the notion that the correction is over:
- The bounce from the $1.18 support coincides with the termination point of the C wave.
- The price has broken minor resistance levels, further confirming bullish intentions.
- The alignment of the structure suggests the corrective wave has fully unfolded.
What’s Next for EOS?
If the correction is indeed complete, EOS is poised to initiate a new impulsive wave. However, confirmation of this shift will require the price to sustain above immediate resistance levels, likely targeting $1.30 or higher. A failure to do so could result in further consolidation or a retest of lower levels.
Conclusion
The evidence strongly indicates that EOS has finished its corrective phase. As the market moves forward, all eyes will be on whether the bullish momentum can sustain and carry the price into a new trend. Traders should watch for key levels and potential volume increases as confirmation of the reversal.
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.
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.