Slow Grind Diagonal Bottoms

If you are new to EW this is an important lesson, and I wanted to show this chart just to prep. We have a lot of corrective moves off the lows, in many chaarts. If the bottom is in, the market is doing a great job of masking it, as there are so many charts that have no valid impulse off the low (XRP, BTC, ETH, EOS, ZEC, NEO, etc fall into this category). This doesn't mean the bottom is not in. This means we don't have one we can trust and bet our bankroll on. If these patterns bottom, it will be as a diagonal, or the dreaded B wave. I would prefer to see a diagonal as a B wave will kill many charts for the long term. It is very concerning that we have so many in this stance with only a few impulses. That said, if they do bottom firmly they will still show five waves, just not as an impulse. I am using EOS as an example here, with the red count. In this situation tranching down here is warranted, but note that the chart is expected to go sideways for some time in a slow grind. It isn't until that 5 waves fills out that we can say we are definitely in a bottom potential, then we pullback before launch. And, since diagonals generally beget deep pullbacks (red arrows) there is time to be patient. 

EOSUSD - Primary Analysis - Nov-06 0837 AM (1 day)
EOSUSD - Primary Analysis - Nov-06 0837 AM (1 day)
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.