RogueDave
Panjang

LBRYBTC - Elliott Wave Analysis - Wave 5 Begins

POLONIEX:LBCBTC   LBRY Credits / Bitcoin
An interesting long term hold in the AltCoin space in LBRY, Library Credits. As you can see from the charts below, LBRY launched at a very high ICO             point and immediately collapsed. After basing for a long time, it had a small pop, Wave 1, and corrected. More recently, Wave 3 took it to heights not seen since the initial collapse. It has since completed its correction, a simple A-B-C retracement, marking Wave 4. It's now time to begin Wave 5.

RSI is rising and MACD will soon cross up to confirm the trend.

Based on a Fibonacci Extension , after clearing the Wave 3 high, it has lots of room to run. Overhead resistance is quite a bit above even the 1.618 extension height, and while the moon is beyond it's current potential, there is orbit to be achieved first. As legendary trader Jesse Livermore once explained to reporters inquiring about his success, he explained, I made most of my holding, not trading. I think LBRY is just such a candidate.
Komen: Collapse, Overhead Resistance, and Orbit.

Komen: Here's one possible path toward orbit. I also added details to the just completed correction, including notation of the failed 5th in C of 4. This explains the price and volume action. A possibility exists that the correction is not over, and C is really A of a larger order. If motive or impulse waves develop on the wave to 1, added support for the arguement that Wave 5 has begun.
Komen: Update: On the way to (1). By this count, little 3 of (1) of 5 has completed and little 4 of (1) of 5 is in process, or completing.

Turnout the lights, the party's Oooooover...

Party pooper BTC, while dancing with the lampshade on his head at the top of the stairs, lost his balance and is tumbling down to the first floor.

After the ambulance arrives and takes him to the hospital to be seen by healers, quiet will return to the Library, and we can resume the study of profits.

(Wave count invalidated, look for a return to the base trend line and start the count again.)

Balas
where do u see tp1?
Balas
@Nomii, Sorry Nomii, tp1? I don't understand. I haven't released a wave count projection, since I'm waiting for for a MACD confirmation. Even then, there is a possibility that the correction isn't yet complete.
Balas
Nomii RogueDave
@RogueDave, i meant first take profit? means safe out
Balas
@Nomii, Gotcha. If you can time the waves, as waves complete. The move up to wave 5, the ultimate target, will break down into 5 sub-waves, 1 up, 2 down, 3 up, 4 down, 5 up. Typically wave 3 has the highest profit potential, it will move the farthest, fastest, and strongest.

If you are not familiar with Elliott Wave theory, I strongly suggest you start becoming familiar with it. It's not tough to learn, but mastering it, well that's another matter. Here's the introduction I learned the basics from, many years ago.

http://www.elliottwave.net/educational/basictenets.htm

The chart that leads this post, shows a series of embedded waves, this is typical. So timing waves is a very tricky thing to do.

You also might want to review my 2nd Update in this BTC post, where I discuss Wave Personality.
Balas
Nomii RogueDave
@RogueDave, thanx a lot
Balas
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