By using ATL as a starting point and then dragging the fib circles till it hits the pivot points (at least three pivot points) you will get this scenario. After that I've added a bullish and a bearish fraction.
Note
ATL = All time lowNote
Looks like the bearish fraction won! It just hit the 0,5 fib circle perfect!
Note
It is working its way down to the target.I've sketch a possible path with a 1-5 Elliott dodging the 0.618 fib circle until it stops at the final target point.
Look how the volume is descending currently which confirms the bearish market at the time.
Note
We are getting closer and closer. Seems like the 3-4 leg started a bit earlier than what I sketched on last comment. Note
It just went through the 0.618 fib circle! I'm not sure what will happen next, but I'm pretty sure this is not the end (the descending phase).
Note
Target reached, but I think it will keep on falling. Check out my latest idea. Maybe current level could be used as stop loss?
Trade closed: target reached
Note
Here is my latest idea on EOSUSD:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.