Elliott Wave Count on EOS

31 Jan 2020

EOSUSD

EOS has been in a Multi-Year Bear Market ever since April 29, 2018, from a peak of about $23 USD. In Elliott Wave Terms, it seems to be correcting as a Complex Double Three Combination, elliottwave-forecast.com/elliott-wave-theory/ , consisting of three cycle waves, W,X,Y, where we have already trace Cycle Wave W and X, and are in the process of tracing Cycle Wave Y, as shown on the chart below, which is in a logarithmic scale:



Cycle Wave Y, subdivides into 3 Primary Waves, of which we already trace Primary Wave A, possibly Primary Wave B, and it looks like we are just starting to trace Primary Wave C. Primary Wave B looks to have been completed as an Expanded Flat, elliottwave-forecast.com/elliott-wave-theory/ , and Primary Wave C should precede it as a 5-wave impulse wave to new lows below the lows of Cycle Wave Y of about $1.55 USD, maybe even below $1.00 USD.

Of course, this is not the only possibility, there are other possibilities, but this is the one that makes the most sense to me.

The bullish scenario would be assuming we have bottom of December 2018 at about $1.55 USD and are now in a new Bull Market. But any way, I will expect several weeks of consolidation from here, at least, before we continue the uptrend, if that is the case.

Again, not a recommendation, just my analysis and point of view.

Good Luck to You

5 Feb 2020

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