LISK (LSK): ABC or WXY...It Doesn't Matter

SUMMARY

The chart of LISK (LSK/USD) at first glance might look a bit of a mess. A newbie might wonder what to make of all the ups and downs of the price bars. Very understandable. However, Elliott Waves often resolves such conundrums and when combined with chart patterns, resolution can be quite frequent. The below chart shows that an impulse of five waves can be drawn (white waves). Elliott Waves states that after five waves, there is a correction or a retracement in the form of abc or triangles or complex combinations. The below chart shows an abc flat correction.

This correction however, on a closer look, is moving sideways. When price moves sideways, the better Elliott Wave label is WXY as shown. Regardless, what's in a label? The blue impulse waves could indicate the first sign of a trend reversal. As I've written before, the first set of impulse needs to be followed by the second. Currently, that's exactly what the situation is...the second impulse needs to be initiated. If the abc correction is complete, the wave 1 and 2 of the second impulse could combine with the triangle pattern and subsequently complete. The higher highs would be what LSK needs right now.

Legal Disclaimer: 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?

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