BTCCNY EW Analysis. abc, I smell a triangle.

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
645 4
A five wave decline followed the fifth wave of the flat rally that took us up from yearly lows. A five wave can be the start of a larger impulse, a primary wave, or it could be wave A. But now that wave hypothetical ii is unfolding in abcs, where wave C should be an impulse, we are given a clue that we are in a triangle sideways correction. triangles may be wave B or iv, in this case it could only be a wave (EDIT) B . being terminal moves, this triangle could produce a thrust that will produce a bottom at around (EDIT) - 200, or maybe around 1250 yuan.
Why can it only be a wave-iv? Since there is a clear 5 waves preceding it, I would think it's more likely that it's a B. Both traits which you have labeled anyway :D
Something similar to the pink count here where pink WXY could also be an ABC to complete a final zigzag down for (Z)
+3 Reply
chessnut RyNinDaCleM
yeah good point...... bad typo..... can only be a B
chessnut RyNinDaCleM
and you could be onto it with that xyz
RyNinDaCleM chessnut
The larger count from that I haven't updated it in a while so that blue heading to ~$50 is not exactly my expected path so disregard the projections and focus more on the past labels.
I just noticed that I have my pink and red counts from that previous chart mislabeled too. Those (Y)'s should be (Z)'s
+3 Reply
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