Emercoin (EMC): A Complex Combination Correction
Is about five months of correction long enough for an Altcoin? I don't think so. Eventhough there is a wide scope of breakouts occuring, they likely won't be soaring to new all time highs. I believe these breakouts are sizable bounces with large % profit potentials. Be ready to take your profits in a few months.
Emercoin (EMC) generated two rounds of downward wedge patterns. The breakout from the first was only an abc three wave retrace. The current breaout...could it be different? Even without an extended 5th wave, the correction thus far has been very deep. The wxyxz shows that z was the wedge pattern itself; hence, a combination type.
The breakout was supported by the MACD which also breached it's symmetrical triangle pattern to the upside. The white impulse waves project the future price pathway and could likely retrace much of the correction. At the top of wave 5; would you be taking profit Selling actions or buying actions?
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