EOS WAVE 5 TARGETS

Hello Traders,

My Elliot Wave count would suggest EOS has completed its primary wave 4 retrace to the Daily 200 MA and also to the Weekly 50 MA. These key moving averages should act as support for the next wave up.

My wave 5 target would be at the top of the channel, there is a fib cluster and previous pivot high there. It looks "normal" in terms of an Elliot Wave 5 but really this is just a guess as to where price will end up.

If price falls below the Daily 200 MA and Weekly 50 MA that is a bad sign for EOS and would imply price will drop even further. It would also invalidate this TA as the start of Wave 5.

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Here is the support from the Weekly 50 MA in purple. Interestingly it looks like price rejected off the Weekly 100 MA in pink that has only just started to be drawn on the chart.

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Just having another look at the EOS 4hr chart, RSI is oversold, MACD wants to turn up. It might sound obvious but trading is about buying low, selling high. The price of EOS has just spent the last 40 days going down and has dropped 50%. Everything points to a buy opportunity.

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The 2.236 fib is an important support level for EOS as you can see by previous price action.

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Here is the EOS/BTC pair. Its oversold on the daily with bullish divergence. Its also oversold on the weekly.

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The Weekly RSI looks like a descending wedge.

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hmm Bitcoin breaking down from its h+s is pulling EOS down. Im half expecting a wick down to the 1.618. As mentioned above, dropping any further would be bad for EOS and pretty much invalidate this idea.

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Retrace went deeper than expected and hit the edge of the fib channel.

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