BANCOR (BNT): An Opportunity to Farm for Cash

SUMMARY

Despite the deep retracement of Bancor (BNT) in the current correction since December, pattern shows a clear trend. The double rounded bottom formation provided the base to launch a massive, near vertical price rise. Price has also broken out of the wedge pattern. While a straight shot to an all time high is not in the cards, this breakout could provide a sizable rally, nevertheless.

MACD also escaped out of the symmetrical triangle and needs to turn up after this minor correction. The blue waves show an impulse price pathway that could potentially retrace 50% or so of the corrective decline. IF one had zero cash at hand, would this potential rally represent an opportunity to fram for cash?

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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