Trueee
Long

(BNB)Binance Coin profit on correction as well

BINANCE:BNBBTC   Binance Coin / Bitcoin
We are currently at wave 5 on wave A correction. Buy anywhere around 14-15 if you dont already hold BNB. Sell around 17-178 for a quick over 10% gain. Buyback on wave C. Wave C buyzone will be updated as more data come in. RSI is still bearish but it is getting weak, indicating that wave A is about to be complete.
Comment: Bigger picture
Comment: There is your bounce for wave A completion, and let see how far Wave B well get.
Comment: will*
Comment: Price is chugging up to the sell zone (wave B). RSI kind of worries me. It's a rising wedge. not a good indication and also BTC is about to Hit top soon with a correction to follow afterward.

Comment: Bearish scenario.
Comment: Look like bearish scenario did happen, Those who did sell, its a good time to buy again. Bullish divergence on RSI
@Trueee, Thanks for the update!
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@Trueee , Isn't that a rising wedge? After bouncing off A, the price should drop down to Fib 0.618?
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Trueee KhrnoT
@KhrnoT, Its a rising triangle, not a rising wedge. Its depends on the market, right now its very bullish. So BNB might only retrace to the .236 and .382 region. I dont think it will break that strong support (bottom black line) unless Bitcoin decide to drop to hell.
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Great chart and thanks ;-)

Paul
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If I'm reading your chart correctly, you have a mistake. The 5th can't be the same height as the 3rd wave
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Trueee SloppySeconds
@SloppySeconds, that's not true at all. elliott wave theory principal only stated: wave 2 cannot retrace more than 100% of Wave 1, Wave 3 can never be the shortest wave, and wave 4 don't overlap into wave 1. anything else is valid.
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