Scenario 1: five sub-waves down of larger wave C now in play for a small simple correction target of $16
Scenario 2: A break below a 1:1 extension of wave A could suggest wave 3 of a larger wave A is actually in play, therefore a target of $15
Protective stop at $18 which would invalidate both scenarios
Scenario 1: would be plausible if wave v of 5 has not yet completed and wave iv of 5 is actually in play.
Scenario 2: would be plausible if wave 5 has completed and we are now at the beginning of a downtrend and this is now wave 3 of a larger wave A.
longer term perspective (days-weeks): if 5 waves have completed for the larger impluse wave ($3.9 - $17.9), a retracement of this wave would provides the following fib retracement levels:
.236 = $14.6
.382 = $12.5
.5 = $10.9
.618 = $9.2
etc.
If we are at the start of a downtrend a correction to the .236 level is unlikely given the large span of travel and therefore my longer term targets for the end of this downtrend would be between the .382 and the .5 levels. Looking at the RSI on daily chart at the time of writing is 85 which suggests that EOS is considerably overbought and therefore a correction is necessary. correction below the .5 fib level is unlikely given the current bullish market sentiment
I would welcome any suggestions for alternative possible ideas or constructive criticism in the comments
Scenario 2: A break below a 1:1 extension of wave A could suggest wave 3 of a larger wave A is actually in play, therefore a target of $15
Protective stop at $18 which would invalidate both scenarios
Scenario 1: would be plausible if wave v of 5 has not yet completed and wave iv of 5 is actually in play.
Scenario 2: would be plausible if wave 5 has completed and we are now at the beginning of a downtrend and this is now wave 3 of a larger wave A.
longer term perspective (days-weeks): if 5 waves have completed for the larger impluse wave ($3.9 - $17.9), a retracement of this wave would provides the following fib retracement levels:
.236 = $14.6
.382 = $12.5
.5 = $10.9
.618 = $9.2
etc.
If we are at the start of a downtrend a correction to the .236 level is unlikely given the large span of travel and therefore my longer term targets for the end of this downtrend would be between the .382 and the .5 levels. Looking at the RSI on daily chart at the time of writing is 85 which suggests that EOS is considerably overbought and therefore a correction is necessary. correction below the .5 fib level is unlikely given the current bullish market sentiment
I would welcome any suggestions for alternative possible ideas or constructive criticism in the comments