SIACOIN (SC) Analysis: Extended 5th Cause of 0.94 Fibonacci Retracement

SUMMARY

Siacoin (SC/USD) is a clear example of how an extended 5th can lead to a retracement as deep as the prior wave 4 and even 2. When price goes vertical on a daily scale as seen on below chart, incremental profits are taken. Vertical moves are not possible to Elliott Wave count very well given lack of sepration of price bars. The subsequent ABC waves are not done and may not until prior wave 2 levels.

The 4 hour chart helps clarify the details of the subwaves. The horizontal line is the prior wave 2 level and on the Fibonacci scale that'll equate to the square root of 0.88 which is the 0.939 level. Yes, extended 5ths can result in this level of deep retracements.

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