If you've been following my charts you have seen my last two magical ETC analysis', if you haven't been you are missing out on some magic and highly suggest that you go back and review my last 2 ETC posts, starting from the time of the hard fork.
My first post predicted a BOLD head and shoulders target of $15.50. People said "NO, it CAN'T BE!". I said "Yes. It is not definite but it very well could happen and I'm sticking to it." One of the things I do best is I read charts myself, and until the chart tells me otherwise... I stick to my projections regardless of what the haters say... and lately, I've been killing the game, so stick around, like and follow for more masterful charting!
My second analysis which came late last night proposed a second head and shoulders target that further strengthened the idea of a $15.50 target. That pattern has now been confirmed.
Looking at the most recent hourly chart, you can see that we are trading within a bear pennant. A break to the downside leads to a target of... wait for it.... $15.50.
But Corey, wasn't that the target of your original head and shoulders pattern? Hell yeah it was! Wow! Does this mean it's definate? No, it doesn't. But when we get patterns within patterns (fractal chart patterns) that lead to the same targets strengthen my convictions and the likelihood that those targets can be reached.
Fractal chart patterns excite me. I love to discover a new pattern that ends up having the same target of a pattern i previously analyzed. I am aroused by this. Just kidding, but seriously. Arousael.
Anyways, a break to the upside, especially if we trade above $25.31 would actually confirm a double bottom exactly at the 78.6 fib retrace. I would go from a definite bear to a possible bull real quick.
TA is not about saying, hey this is definitely going to happen... it's more about a series of If/Then statements, kinda like computer programming. The way I like to look at it is, "If this happens, this is likely to be the next move, otherwise, this is likely to happen." Then... wait for confirmations and trade accordingly. First and foremost, DO YOUR OWN RESEARCH!
I love my charts! Do you??? If so, please like, comment, follow, and share the love. Thanks guys!
My first post predicted a BOLD head and shoulders target of $15.50. People said "NO, it CAN'T BE!". I said "Yes. It is not definite but it very well could happen and I'm sticking to it." One of the things I do best is I read charts myself, and until the chart tells me otherwise... I stick to my projections regardless of what the haters say... and lately, I've been killing the game, so stick around, like and follow for more masterful charting!
My second analysis which came late last night proposed a second head and shoulders target that further strengthened the idea of a $15.50 target. That pattern has now been confirmed.
Looking at the most recent hourly chart, you can see that we are trading within a bear pennant. A break to the downside leads to a target of... wait for it.... $15.50.
But Corey, wasn't that the target of your original head and shoulders pattern? Hell yeah it was! Wow! Does this mean it's definate? No, it doesn't. But when we get patterns within patterns (fractal chart patterns) that lead to the same targets strengthen my convictions and the likelihood that those targets can be reached.
Fractal chart patterns excite me. I love to discover a new pattern that ends up having the same target of a pattern i previously analyzed. I am aroused by this. Just kidding, but seriously. Arousael.
Anyways, a break to the upside, especially if we trade above $25.31 would actually confirm a double bottom exactly at the 78.6 fib retrace. I would go from a definite bear to a possible bull real quick.
TA is not about saying, hey this is definitely going to happen... it's more about a series of If/Then statements, kinda like computer programming. The way I like to look at it is, "If this happens, this is likely to be the next move, otherwise, this is likely to happen." Then... wait for confirmations and trade accordingly. First and foremost, DO YOUR OWN RESEARCH!
I love my charts! Do you??? If so, please like, comment, follow, and share the love. Thanks guys!
