QTUM has Broken Out!

SUMMARY

I feel a bit like announcing a jail break! However, literally, price and MACD had been confined within the contracting symmetrical lines and with a surge, QTUM has breached the upper white resistance line of the downward wedge pattern. The WXYXZ complex correction labels could be complete. As the third chart below shows, price can go sideways and carve out the rounded bottom formation as well.

IF the breakout in the MACD is also sustainable; then what needs to happen is a full throttle placement of a five wave impulse motive upwards; as shown by the white 1,2,3,4,5 waves.

The alternate is that price decides to pattern out the rounded price formation as shown below. This could still happen after a sizable breakout!

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
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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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