chessnut
Short

BTCCNY EW analysis - On the edge of a cliff

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
419 3 7
After completing the large flat off the reaction from lows BTCCNY             has completed a full impulse and reaction, waves I and II or A and C from the highs formed. Impulses are always followed by impulses. This could be the beginning of a large and steep impulse towards 800 yuan or possibly an abc 5-3-5 towards around 1200 yuan. The impulse possibility is textbook and most fitting. We have a lot of good form to support the count on many time frames and many critical levels of validation.

As illustrated, wave i of III             is already complete and wave ii is nearing completion. wave iii             of III             will follow, the eye of the storm. A breakdown under local lows could cause a particularly violent cascade.

When (and if) the impulse is done it could conclude lows in the BTCNY for many months, terminating the current bear market to at least some degree.
Kairos
2 years ago
dont you think wave ii of III d be better if retrace .382 - .5 ?
+1 Reply
chessnut Kairos
2 years ago
As a guideline but there is evidence in the wave ii flat that wave c could be an ED, and the flat its self has retraced almost 100% which implies that wave c could easily truncate where wave c and a tend toward parity.
Reply
Kairos chessnut
2 years ago
fair enough. I presume that flat has weekend's sideway effects on it. we ll see soon. maybe a spike d be expectable. on the other hand, appreciate your accuracy.
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