It's very simple, BTCCNY has revealed early through non impulsive behaviour that it is very likely forming a triangle. If wave e completes as illustrated then this is a powerful scalp long - if you can catch it! triangles are always terminal moves, so carefully shorting the top is an option given a good signal and good wave form.
Comments
Intuit
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I agree and have almost the same thing on my chart, just with a truncated 5th wave because wave iv of 3 looks way too small to be wave 4 of (a). It also doesn't cross the 0 line of the AO (5-34 MACD) when focused within 140 bars so it is most likely a wave iv of 3 of (a) rather than wave 4 of (a). This is really semantic in the end because it all produces the same direction and looks pretty bad for the bulls when it's finished :)
chessnut
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time to short this baby
Intuit
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I'm waiting for one more leg up, same dealio as wave (a), This is wave v of 3 of (c) that just completed:
chessnut
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imo the i-ii there is c-e. I dont see another way myself. that would make a third and fifth wave extension.
chessnut
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sorry, d-e
Intuit
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I'm guessing you mean d-e. And I saw that too at first, but I think this is the better count because of a) momentum and b) perfect fib relationships.
Also wave (c) is barley .382 times as long and not even 1.0 times as high as wave (a). Generally, wave (c) are larger in price and/or time than wave (a), this would be neither. It's definitely a completed impulse but I believe you are counting wave iii of (c) as wave (c). Could be wrong tho, will be interesting to see how it plays out, Either way the downside here is massive in comparison so short from anywhere around here is good either way so long as you're not on extremely high leverage.
HenrikLolsor
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So you're confident of reaching $100?
chessnut
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not exactly 100, but that area.
Omarli
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Nice
i was thinking the same thing
chessnut
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from here I think we should fall to at least 1410 before punching up quickly to 1500+. get your popcorn ready.