EOS Update: Major Test for Bulls

EOS has been consolidating for a few days. To recap, I believe it's currently on wave 3 of 5 waves up. We aren't seeing the typical impulsive behavior usually associated with a third wave...but it's still early. If this count is correct, a conservative target for wave 3 is approximately $17.64...the 1.0 fib level.

Zooming in, we can see EOS is reaching a critical point. The ascending support and resistance line are intersecting. One or the other is going to fail in the next couple days. This is a major test for the bulls. Volume must increase to give it the momentum it needs to break through.

The 4 hour RSI has established a strong ascending support line as well. This needs to hold if this bullish scenario is to remain valid.

The 4 hour MACD has just crossed over to the bullish side and has plenty of room to rise.

Let's keep an eye on the this over the next 24 hours. If EOS can break the resistance, I see a lot of upside.

BIAS:
Short Term: Neural to Slightly Bullish
Longterm: Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Thanks for stopping by.

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