I still think we're in some complex wave C, instead of this FOMO outlook. Prechter says "Many analysts labeling a completed triangle way too early. Triangles and go sideways." He also says "Subwave C is typically a complex wave, though wave B or D can fulfill that role." Not sure what Prechter means by "complex wave" exactly. Does a smaller triangle count as a complex wave, or is it when a smaller corrective mutates into some wildly unpredictable combo wave?
Right now I feel a danger for many beginners to fall for such a trap. "But the boundary lines of triangles almost never collapse so quickly." It goes side-a-ways. I do see a lot of bullish news so maybe that's how they get all the money to come in too early and they can potentially shake out some with a quick dump. Manipulation is basically impossible to account for when the market becomes concentrated into too few hands but I believe EOS has a lot of different kinds of investors and speculators and even if someone sold the constitutionally allotted 10% share of EOS, a solid buy wall might be there from other major players looking to enter the game. So let's believe a free market is in effect and that technical analysis can operate purely, barring data errors or data manipulation.
Continuing, Prechter gives these rules about the contracting triangle: at least four waves among waves A, B, C, D and E each subdivide into a zigzag or zigzag combination. Also, a triangle never has more than one complex subwave in which case it is always a zigzag combo or triangle.
Anyways, don't know how to see this other than as a triangle. A break above $6.90 invalidates and a fall below $4.14. Right now, critical support zone is probably still $4.50 but the bullish tone of the market makes me want to move this up towards $5.00. This can be a great buy already if you set your aims right. Otherwise, you gotta play the game to get more bang for your buck. Good luck! :)
Right now I feel a danger for many beginners to fall for such a trap. "But the boundary lines of triangles almost never collapse so quickly." It goes side-a-ways. I do see a lot of bullish news so maybe that's how they get all the money to come in too early and they can potentially shake out some with a quick dump. Manipulation is basically impossible to account for when the market becomes concentrated into too few hands but I believe EOS has a lot of different kinds of investors and speculators and even if someone sold the constitutionally allotted 10% share of EOS, a solid buy wall might be there from other major players looking to enter the game. So let's believe a free market is in effect and that technical analysis can operate purely, barring data errors or data manipulation.
Continuing, Prechter gives these rules about the contracting triangle: at least four waves among waves A, B, C, D and E each subdivide into a zigzag or zigzag combination. Also, a triangle never has more than one complex subwave in which case it is always a zigzag combo or triangle.
Anyways, don't know how to see this other than as a triangle. A break above $6.90 invalidates and a fall below $4.14. Right now, critical support zone is probably still $4.50 but the bullish tone of the market makes me want to move this up towards $5.00. This can be a great buy already if you set your aims right. Otherwise, you gotta play the game to get more bang for your buck. Good luck! :)