chessnut
Short

BTCCNY EW Analysis. abc, I smell a triangle.

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
644 4 5
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 http://i.imgur.com/dGHWN4B.png 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
Reply
chessnut RyNinDaCleM
and you could be onto it with that xyz
Reply
RyNinDaCleM chessnut
The larger count from that http://www.sierrachart.com/image.php?l=1427802673772.png 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
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out