Technical Analysis

Elliott Wave Analysis: ShitCoin Index Is Eyeing July 2021 LowsFeb 23, 2022

Hello Crypto traders and investors!

We are pretty sure you are wondering when it’s time to buy cryptocurrencies again. Well, Cryptos are still trading in a bigger sideways correction, which we see it as an A-B-C flat formation, especially if we take a look on shitcoin index, where we see quite clear Elliott Wave Pattern, called 3-3-5 flat correction .

A 3-3-5 flat correction consists of three waves in leg A, three waves in leg B and five waves in leg C.
As you can see, we have (W)-(X)-(Y) complex structure in wave A, then wave have a three-wave (A)-(B)-(C) corrective recovery in wave B and now we are trading within a bigger ending diagonal pattern for wave C.
The ending diagonal is a special type of wave that occurs in wave 5 of an impulse, or wave C of a correction. This wave often occurs when the preceding move of the trend has gone too far, too fast, and has run out of steam. An ending diagonal pattern is a type of pattern that can occur at the completion of a strong move.

So, what we want to say is that shitcoin index and cryptocurrencies in general can be trading in final stages of a corrective movement, where we are tracking final wave (5) of C, which will ideally retest July 2021 lows and then we will expect real bulls to show up.

Be humble and trade smart!

Elliott Wave Analysis: ShitCoin Index Is Eyeing July 2021 Lows by ew-forecast on TradingView.com

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