NEO's pathway towards the bottom of this correction has 36 possibilities of combinations, per Elliott Wave corrections. One of them is shown below where the Elliott Waves (white) completed five waves up. Post five waves, there is a requisite correction and that could be an a,b,c format. However this correction could still go sideways. The MACD has converged and crossed (blue circle). The red C wave of the abc correction is likely not complete, if this pathway is correct.
I believe the Altcoins almost don't know how to correct quickly. The Hurry UP & Wait syndrome could trigger any number of lagging or sideways prive movement to eat more time. An a,b,c,d,e triangle often becomes a very good pattern to enable that objective. Another would be a triple type of combination wxyxz. However, the signs of that is not yet seen but certainly probable.
IF the below is to have impact on probable price pathway, then the MACD would need to curl up and turn as shown in the below chart. The bottom support line would also need to hold.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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