1st Blood (1st) Technical Analysis: Hunting for a Correction Bottom

SUMMARY

1st Blood (1st) has been correcting since August of 2017 and that's a clear example of the Hurry Up & Wait syndrome of Altcoins. Note how the impulse waves were rushed and now the correction is still continuing into seven months. For the most part, price has been moving sideways and a ditstinct pattern of a round formation can be drawn. The pattern is likely more than 2/3 complete and price could be seeking a bottom to then start the right wall of the round pattern.

A higher resolution shows a probable and bottom seeking downward wedge. It'll likely make a lower low as shown by the white subwaves. Since the correction is an ABC; the lower low should mark the onset of a potential impulse move upwards as this would be the earliest sign of a trend reversal. Still, be prepared for more sideways action as a close alternate.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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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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