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
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.