In a count I did yesterday I wrote about BTC has started the decent, but from what I can see here, I still believe BNB need a little push up before going into a correction of a higher degree.
Right now BNB is in what I count to be purple wave 4.
And there is a chance purple wave 4 has already finished, and we therefor have started the move up in purple wave 5.
One of the guidelines in Kennedy channeling technique, which is a powerful tool in counting Elliott Waves, is that price has not completed wave 4 before tagging the bottom of the acceleration channel. (the blue channel).
Another guideline in Elliott Wave is that wave 4 often retraces down into wave 4 of the previous lower degree. (This area I have marked in the Purple box)
Therefor we could have a little downside left before starting the purple wave 5.
Being optimistic purple wave 4 is done, since I can count an simple zig-zig correction.
A confirmation of wave 4 is done and the purple wave 5 has started, is to wait for price to break the deceleration channel. (the green channel.)
But in either case, I believe BNB still has a wave 5 to finish before the correction down in a higher degree.
Right now BNB is in what I count to be purple wave 4.
And there is a chance purple wave 4 has already finished, and we therefor have started the move up in purple wave 5.
One of the guidelines in Kennedy channeling technique, which is a powerful tool in counting Elliott Waves, is that price has not completed wave 4 before tagging the bottom of the acceleration channel. (the blue channel).
Another guideline in Elliott Wave is that wave 4 often retraces down into wave 4 of the previous lower degree. (This area I have marked in the Purple box)
Therefor we could have a little downside left before starting the purple wave 5.
Being optimistic purple wave 4 is done, since I can count an simple zig-zig correction.
A confirmation of wave 4 is done and the purple wave 5 has started, is to wait for price to break the deceleration channel. (the green channel.)
But in either case, I believe BNB still has a wave 5 to finish before the correction down in a higher degree.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.