Bitcoin possibly near lows - truncated fifth expected.

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
310 6 4
Recently the wave b(IV) count failed when we broke down through 2060 yuan denying the impulse that formed from 2035yuan. The motion downwards is impulsive. wave b's cannot be impulsive. Then what is this? could easily be part of wave major V that we expect after wave IV is completed.

But where are we in the stage of wave V then? This is the most fitting count - we are almost finished. I mentioned in previous publications that wave V would likely be truncated because wave III             was over extended. Now that we approach wave III             lows, it is the moment of truth for this here complete wave V count.

How will we confirm that major lows are in and we are ready to begin the next major bubble to $1000+? obviously, a rally thorugh 2500 yuan would confirm this. otherwise I will be watching closely for impulsive action from 275 lows.
How do you figure it's impulsive? (Wave B typically form channel, if that's what you're thinking.)
the_batman the_batman
Granted im equally fucking confused so dont take that the wrong way.
chessnut the_batman
Well the count is there - its the best explanation I have. Its not perfect so rather than a forecast its really just the strongest chain of logic to me at this point. lets just see how it unfolds.
I think it might not necessarily be a 1-2-3-4-5 wave but rather an A-B-a-b-C wave. As in an extended C wave.
+1 Reply
chessnut Intuit
so we have a possible abc and possible truncated wave V.... I dont see how this an continue easily to the down side. the A-B does actually fit an expanding trianlge primary on chinese charts.
The noises from this convo woke me up! Lemme through in my $0.02 conclusion:

Fuck this. I'm done trying to count it. I'm gonna trade the standard 1-2 channel touch breakout.

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