AdzCoin (ADZ): Wedge Pattern Requires an Incremental Lower Low

SUMMARY

AdzCoin (ADZ) placed a five wave run with the 5th wave a bit extended which also ended in a flameout of buyers. The resulting correction has been in a the form of a downward wedge and thus far retraced to the 0.88 Fibonacci level.

The key is not to jump the gun and assume the correction to be fully complete at the breakout of price from the wedge. Altcoins never correct so fast with such brevity. Instead, the correction drags on through sideways action that best fits a complex correction. Of the abcde waves, the wedge is complete with abc while d and e will require an incremental lower low.

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Elliott Wave Counting Tutorial #1
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Tutorial on the use of Fibonacci & Elliott Waves
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