The sideways consolidation over the last couple of days produced a triangle that was ripe for a breakout today. It broke to the down side sharply, most characteristic of a triangle. From an EW perspective this is a relief and a blessing because this is exactly how a triangle should fit into the bigger picture here, wave b of 2, a terminal move before wave 3 can take us higher towards 300. The primary wave often retraces 0.618% before wave iii. I am looking for a bottom to form near the 0.618 fib soon.  |
|
|
|
This is roughly the larger count. the breakout is characteristic of a triangle thrust. The triangle could be a running flat or wave A count terminate at 1800 yuan.  |
|
|
|
No shorts, but still bearish longer than a few weeks  At 360, I'll be that guy swimming against the current  360?! =D |
|
|
|
|
I will post a chart when TV updates. It is clear what is happening, we are targeting the 300 area.
|
|
|
|
Bitcoin is an abandoned casino...
If that were true the price would be $zero. There has been plenty of action to see recently if you would only come out from under your bridge to see it. Right now there is a lot of accumulation going on, in fact there is at least one very large player that I know of that has large bids at $210. Gambling in garbage alt coins is not the answer. |
|
|
|
Hi Chessnut is this count still valid?
no BUT the bias is still bullish it seems. I dont see a plausible and valid way how this can continue to the downside. |
|
|
|
|
hmm.... I think there needs to be a penalty based stop loss system here for when the market changes rapidly after a decision. Im all for the 8hr rule but really I cant make hypothetical money like that without trading only the longest most boring scales.
|
|
|
|
The bears have had a fair chance to dump and produce a wave c but heavy selling was rejected by the bulls who have now formed a five wave structure from lows. A well formed wave c down to the 1300 level would have been nice but it is not necessary when it is apart of a larger wave B, the most dissonant and ugly of waves that occur. This primary count here is consistent with a bullish count of DanV's, where we rally to the 300 level from here and then retest lows finally after that.  |
|
|
|
|
Caution to longs here as a potential wave iii of c is underway towards 1300. no chart as I dont like posting short time frames.
|
|
|
|
Apart from a failed triangle thrust wave c is under-way as expected and we should be bound for 1300 at least. without going into too much detail of the count, We could find a medium term bottom within the blue box illustrated before a rally to approx $320, or it is possible that we continue on to find a yearly bottom from this point.  |
|
|
|
same story. good looking form to me. probably dont have 8hours though... https://www.tradingview.com/v/1JvVfPQc/EDIT. the target seems to be around 1600 now that the triangle has further developed. good form. |
|
|
|
At the moment we are consolidating sideways in what seems to be a larger triangle within wave C. triangles are terminal moves, they occur in wave iv or b position. The last triangle I thought would be the ultimate but it seems to be (iv) of iii within C and this one wave iv. The wave form is not very clear, furthermore reason to believe that this non impulsive behaviour cannot not take us far to the upside. I mean this to be a warning to shorts rather than a forecast. further highs from this point do not affect the larger count under 1580 or so. chart updated  |
|
|
|
We have just terminated a bulish triangle at 1530 at okcoin settlement time accross exchanges. This has marked the beginning of large moves in the past. Triangle are terminal moves, they occur at position wave B or IV. whichever kind of triangle this is, it has occurred within a wave C or double zigzag of a reaction. This could easily mark a significant reversal before further downside towards finding a multi year bottom.
Could you elaborate on this? A reversal from what? a side trend? As I have illustrated before, I believe we need one more retest of lows before we enter the next bubble. When I say reversal I mean a breakdown from this extended bullish correction we have had for days, and when I say significant, I mean lucrative, because there is a chance we could fall to retest lows from this point one way or another. |
|
|
|
|
We have just terminated a bulish triangle at 1530 at okcoin settlement time accross exchanges. This has marked the beginning of large moves in the past. Triangle are terminal moves, they occur at position wave B or IV. whichever kind of triangle this is, it has occurred within a wave C or double zigzag of a reaction. This could easily mark a significant reversal before further downside towards finding a multi year bottom.
|
|
|
|
|
Show Posts
