VeChain (VEN) has completed five impulse waves up. Elliott Waves states that after five waves, there is a requisite a,b,c correction. This means that the correction will be either a zig zag (5,3,5), a falt (3,3,5), a triangle (a,b,c,d,e) or a combination. There are 36 possible corrective Elliott Wave counts and that leaves about 2.7% chance of getting the right one. This a good reason to stand aside during corrections and why the most ideal time to take profits is at the end of the fifth waves.
The below chart shows the consolidation phase in progress. Likely, it would be a triangle and once the a,b,c,d,e waves are complete, the rise is expected to bring in all time new highs.
Here is the future price pathway projection. The waves are able to carry the price to $13.62 or 117% profit potential. T
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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