FOMO, we need FOMO

The 5-th wave, which we were expecting to come in the last update, decided to extend. As the author mentioned in that last update, chasing the possible correction down wasn’t worth it. In the bull market (where we are clearly since the beginning of 2017) surprises tend to happen on the way up.

Looking at the charts now, it seems to be reasonable to get to the area around $22-23. Combined with the coming “news” about ENS (Ethereum Name Service) that could become the perfect top:ETHBTCMidTermThere are some alternative counts, where basically we have the sequence of 1-2, 1-2, 1-2-3 waves. If that is what is playing now, then we will have few more sequences “down-up” before making the top (which in this case can come a bit higher) and then correcting down to around $12-13.

How can we make a final call and decide which structure is the real one?

One way is to pay attention to what happens to the crowd sentiment when the ETH starts correcting down from the ATH (all time hight) at around $22-23. If on the way down the crowd will shown some concerns.. Well, then we would have to accept the chance for further rise. If, however, it will widely be seen as the “last chance” to buy cheap – you know we are on the top.

This is a nice exercise in the understanding of the “crowd” behavior and we are analyzing it in real time in the slack channel for the Santiment.net project. If you feel interested in learning this skill, come over and talk with us. We as the community were able to identify the last top and base for the rise in ETH.

As usual, the author generally wants to keep this blog free of any trading advices.  Whatever comes here is just sharing of the experience of how the crypto-currency markets can be analyzed in a special and so often seen way. Based not on FOMO and FUD, but on the observing the crowd sentiment and Elliott Waves.

Enjoy the spring.

The Elliott Wave Principle describes the behaviour of the financial markets. This Principle is build on the mass psychology swings from pessimism to optimism and back in a natural sequence. When these swings happen, the specific Elliott wave patterns in price movements are created and become visible. Each pattern has implications regarding the position of the market within its overall progression, past, present and future.
The purpose of our blog posts is to outline the progress of markets in terms of the Elliott Wave Principle.
While a course of conduct regarding investments can be formulated from such application of the Wave Principle, at no time will my posts make specific recommendations for any specific person, and at no time may a reader or viewer be justified in inferring that any such advice is intended.
Very important. Investing carries risk of losses. You should be aware of all the risks associated with investing/trading financial instruments. Information provided in this blog is expressed in good faith, but it is not guaranteed.
The market service that never makes mistakes does not exist. Long-term success trading or investing in the markets demands recognition of the fact that error and uncertainty are part of any effort to assess future probabilities.
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Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

2 thoughts on “FOMO, we need FOMO”

  1. You got your FOMO. I’d like to get an update. It’s hard to stick with the 5th wave theory at this point. Seems more like the heart of a 3rd wave to me, no?

    Like

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