Spread Coin (SPR) Update: Short Term Target $0.60 (79% Profit Potential).
SUMMARY
Spread Coin (SPR) put in a classice, though a bit spikey wave (iii), five wave impulse as shown in below chart. What seemed at first to be a horizontal a,b,c,d,e consolidation, the pattern has morphed into a downward pointing a,b,c,d,e probable form. If so, the waves a,b,c are complete and d is currently in progress. Once wave e is also placed at arond $0.30, an impulse should take SPR to $0.60 or so. This would also enable lower ladder rungs to be filled. its triangle
This correction could also be a simple a,b,c zig zag as shown below. If so, then the sub waves of the c wave are shown in blue and that all waves are complete except for blue circled wave 5. Impulse from there would confirm the trend change as marked by the white circled waves 1,2,3,4,5. There are always multiple ways to label the waves but this is not important which way as the destination often remains the same.
I have thus lowered my stop accordingly to $0.274.
Below is still the same bigger picture, longer term Elliott Wave count for Spread Coin (SPR):
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Legal Mumbo Jumbo: 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.**
can you do an update on zen?
thank you haejin
Whats .30 in btc? Im in at 4350
Hi Haejin, would you mind doing a TA for Tron? Many thanks :)
Im trying to figure my stop loss in btc. Right now i have it set at 3900 and 3600. Bittrex doesnt use same charts conversion as the one you are using. If anyone has any input thnx
Haejin, I really am learning a lot from your analyses , but I must say that these coins such as Spreadcoin (it's twitter feed was last updated Feb, 2015) worry me. They seem like dead fish in the water, why feed them?
Elliott Waves states that news or events shall arrive to justify the forecast and never the reverse. This means news don't or events don't make the market but rather the market makes the news and events.
This also means that technical analysis begets the fundamentals and never the reverse. It's hard to believe or conceive this but as a TA, the biggest error is not understanding this.
Hi Haejin,
Thanks for all your analysis; follow them quite religiously on Twitter.
The Spread story is interesting given how badly battered it is despite most other Altcoins having gone up since the Segwit news came out. How do you play Spread now? HODL? Or sell and use that cash for another Altcoin?
I had analyzed this:
https://busy.org/bitcoin/@haejin/spreadcoin-spr-target-usd4-01-1-000-profit-potential-the-elliott-waves-are-form-perfect-for-this-trade
A word of caution. From what I gather, the early investors in SPR were not happy with how the development process was going, so a snapshot was taken and a new project (Helium) created. SPR was dumped into oblivion by these investors after the snapshot was taken. This may be one where the FA trumps the TA.