EOS Resets with Continued Large Wave 2 PullbackEOS (EOSUSD) appeared to have the much-sought-after 1-2,i-ii setup in place, but then it crashed right through support below and invalidated not only the nested setup but the entire 1-2! The primary PURPLE pattern is invalidated , which means that the correction that started after our May 2021 top has continued all the way into present-day. In other words, EOS has followed our bearish RED alt pattern that had been lingering all along! BCH, ETC, and FIL have suffered similar fates as they, too, have hit lower lows.
Well, that's a lot of doom and gloom. What's the silver lining?! Since the big pullback never ended in the first place, that means we never actually started our big 3rd wave rally. And that means that our unimpressive former 1-2 setup is dead. And THAT means that we may actually see a better 1-2 setup now. EOS can go as high as it wants now since there is nothing in place at the moment.
That said, 1st subwaves typically project to the 0.382-0.618 extensions of the previous higher-degree impulse, so I have a rough target range of 6.04 to 10.86 for a minimum 2x return (shown with the new GREEN primary pattern ). This GREEN pattern sees the larger correction as a double-zigzag, which is a zigzag pattern whose subwaves are also 3-wave corrective zigzag patterns. Double-zigzags (or double-threes) are notated with W-X-Y nomenclature in order to reduce confusion with the A-B-C subwave labels within each wave.
If that's not exciting enough, there is a strong confluence at the 1.00 extension overhead at 28.00... If not on this rally, the 3rd subwave could certain stretch there or higher!
There is no strong sign that this pullback is over, so we may still dip lower in EOS. However, if you've got moxy, it may be a great time to buy EOS. And if you're not sure but would like to get in on the action, dollar-cost averaging (DCA) is highly recommended. So far, we have a micro 1-2 possibly in place but will need to see more bullish action to convince us that there won't be a lower low. BTC and ETH, meanwhile, have had much more vigorous and convincing bounce-backs since the crash.
Bigger picture, wherever EOS tops, it would likely coincide with the MAJOR top for Bitcoin and Ethereum. While BTC and ETH will likely crash really hard, the altcoins may only pull back correctively into a lower-degree Wave-2, which could set us up for astronomical returns farther out in time. We may get many months to load up on EOS and other altcoins whose 3rd wave rally may coincide with a bear-market rally within BTC and ETH (a B-wave rally during the major 2nd wave).
I use Elliott Wave analysis to project price levels for different assets and asset classes. EW is a form a technical analysis that is absolutely NOT based on fundamentals. Please be aware that this is not intended to act as financial advice. I am not a trained or certified financial professional. You may invest based on a strategy tailored to your own skill and risk-tolerance levels.
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