GX Chain (GXS): Cup & Handle

haejin (88)in #gxs • 7 years ago (edited)

SUMMARY

GX Chain (GXS/BTC) has been rising out of the ABC correction and moving in a channel; which is indicative of an impulse in motion. The price countours since B wave have also been that of a rounded bottom or likely a Cup of the Cup & Handle pattern.

The impulse wave can be mapped out as shown below. Waves 1 and 2 are complete and 3 is likely still in progress. The MACD is showing that this is not a crash scenario but rather a trend reversal being continued up. Once wave 5 is complete, expect a 61.8% retracement in correction. So, what does this mean? Don't forget to take profits! I've had so many in the past 15 years who just stared at their profits and then saw it decline to almost where they started. Then, of all things, they blame me! Unbelievable. Guilt of a self made mistake is always projected to someone else only to gain a brief moment of a false innocence.

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?