1- A possible head an shoulders, and the price will go more deep or... 2- A possible breakout above the trendline and the price will finish the motive wave sequence... Let's see... PS: we will discuss the targets after getting one of those confirmations...
A Reverse H&S would be more interesting and might reflect your elliot wave
HarmonicPMaster
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@alisina, Thanks for your feedback...To be clear, I took the first motive wave squence mentionned on the chart above as the beginning of the new up trend, however; doesn't mean I am right. There's also another possibility which is a big zig zag starting from the highest high, and if the break down occur, we will see more deep which give us the formation of the C wave...Nothing is sure...
Milfraptor
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@HarmonicPMaster, I have similar chart for XVG with pulse to upward position...But at this stage I have chosen to close the trade if the price falls below 1000 SAT (you can check my chart).. The price followed my chart by some degree, thought not reaching targets 100% but close.. The reason i would close profits for now, is Bitcoin movement.. it had 33% dominance in last few days..now suddently 37% and increasing. Which obviously means money is flowing back to bitcoin and leaving altcoins to bleed.. Thus holding bitcoin is probably wiser.. But this is only my thought, just wanted to share :)
HarmonicPMaster
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@alisina, I do totally agree with your point of view, but I think that people are getting excited about bitcoin too early, because I think bitcoin actually is just looking for the top of the top line of the channel which it is making right now, and probably he will go back again...I don't know, let's see...
Milfraptor
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@HarmonicPMaster, If we break 17400 its 20000 next.. But i do agree we might pullback at 17000-17400 to probably 15400 or lower...Then new buyers will enter knowing we had tested 17400..This will cause a massive bullish upward ending to finally break 17400 soon than later and if enough hype perhaps even 20000 in longer term... Either way, ill just trade altcoin on swings to maximize my BTC (very risky, but does work if small amount is used to minimize the risk) .. Either way, I wish you massive profit !!
HarmonicPMaster
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@alisina, good approach, better taking a well studied risk, than missing huge profit potential and watching...Anyway, wish you the same and more :)
Read more: Head And Shoulders Pattern investopedia.com/terms/h/head-shoulders.asp