After a Cup & Handle pattern, Siacoin (SC/USD) blasted vertically in a five wave impulse. Given the low liquidity of many Altcoins, the requisite correction has carved out an ABC correction where the C wave is shorter than the A and this feature is a personality trait of Altcoins. The retrace has thus far marked to the 0.84 Fibonacci level. Given that the ABC was likely a flat, the correction could be a candidate for completion.
The subwaves of the red C wave shows five distinct subwaves as being in place and complete. The current budding of a price rise could be the early indication of a trend reversal. It would be ideal to identify a full impulse upwards and thus far, that is not possible. Overnight and tomorrow's price action should provide clarity.
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Elliott Wave Counting Tutorial #1
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