EOS Possible 62% Short

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Hello World,

And welcome to my first ever published idea on trading view. Today we will be looking at EOS.

As you can see we have just finished our Elliot wave 5th impulse wave up topping perfectly on the 2.618 fib extension. Bearish divergence on the RSI and the highest ever MACD level for EOS confirms the top is in and we are going down. Time to short.

If EOS is going to correct like it did last time be prepared for an ABCDE correction over the course of 50-60 days with a potential bottom of $7.21 which will be 62% from the high.

Now my A B C D E targets could be bouncing off different fib levels to what I have drawn here so please be on the look out for signs of bottoms and tops on the way down and also the time frame for this correction could be longer or shorter than expected.

Will update the trade here as this correction pans out.

Good luck.

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ملاحظة

Ok so a quick update. EOS is stubbornly holding back from rolling over at the moment. I just had a look back through the chart when EOS reached the top of wave 5 on 13/01/2018 and the RSI printed 2 bullish spikes at that peak before the drop. Now the RSI has very obvious bearish divergence so lets wait for it to play out.

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ملاحظة

Wow look at EOS go! Its pumped right passed the 2.618 fib extension and is now sitting on the 3 fib extension in true parabolic style even trying for the 3.272 however, the RSI is extremely overbought and that bearish divergence has not dissapeared so a pull back is inevitable but I get the feeling EOS is going to pump till main net launch then dump hard.

3 hours is a long time to reflect on a chart and tbh I am really dissapointed with myself for not putting one of the most crucial bits of information on there, oh you know, the main net launch 01/06/18! I have put this critical date in blue on the chart below.

This means the correction which I had down for finishing end of july is totally wrong. We are still going to correct and it "could" go as low as 62% but the time it takes will be much quicker because of the main net release.

There is a LOT of speculation as to whats going to happen leading upto that date. Some more information to consider is here busy.org/@eosgo/how-to-own-your-eos-on-launch-day and here are some scenarios that could play out.

EOS will keep pumping till launch date then in true crypto fashion dump on or around launch date. One very real reason for this is a main net launch CAN fail, for multiple reasons and people dont want to take that risk. It would seem more sensible to wait and see if EOS launches ok before investing money into it.

EOS could keep pumping till launch date and then print the biggest green candle in crypto history (unlikely but it would be funny).

EOS could now retrace right up until main net launch, maybe that bear div is real strong. EOS launches with no problems and then once confidence is in the network a mega bull run continues.

EOS main net fails to launch due to any number of problems, ERC20 tokens become near worthless. Epic fail.

So now that my fist TA post has been completely ruined due to the 3 fib extension being reached and missing the launch date (SERIOUSLY) whats cryptodisco gunna do wrong now. Probably everything.

A pull back is definately on the cards. I would like to see it retrace to the 0.786 fib as that move up was a bit parabolic but if it does not retrace that low then it will find support on the other fib levels where a bounce will happen. How high will EOS get pumped near main net release date, lets see what plays out.

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ملاحظة

"So now that my fist TA post has been completely ruined due to the 3 fib extension being reached and missing the launch date (SERIOUSLY) whats cryptodisco gunna do wrong now"

Just been advised that 3 and 3.272 are not extension wave 5 multiples.

No wonder im poor.

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ملاحظة

The update is here.