Upgrade: zooming out OKCoin:BTCCNY

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
Next correction should hit 38.2% at least, above the purple channel even the blue one and re-bounce up.
Comment: 3500cny is the top of this wave, sorry, my fib had an small issue!
Comment: Modern Elliott Wave analysis allows the five wave triangle patterns (3-3-3-3-3) as a wave 1 as long as lesser degree waves are. This means that 4th wave can overpass wave 1 without invalidating the pattern as an impulse wave.
Hi, Ingemkts.

Thanks for sharing your chart. In your wave v, your subwave 1 looks like it's an abc which should not be valid for an impulsive wave, would it? I think it probably is abc with c is impulsive wave.
You mean the V wave at 2700?
Oh I see!, yeah that is an impulsive wave for me due to the measurements but into the Y, in the other hand this pattern that looks like sideways (seen at a day chart) is really a WXY or 3-3-3-3-3, these pattern in the modern Elliot Waves may be interpreted as a whole impulsive wave from 900 to 3000 but due to the btc's background this could be the B of the WXY from 2014, please check it out
+1 Reply
Hi, Ingemkts.

Thanks for reply. Sorry I missed email notice. Thanks for your wave counts. I saw you count daily three wave structure as wave 1 of wave c of wave Y of wave B, I'm not experience in EW, but I thought wave 1 at least should be 5 subwave structure because wave c of Y of B is an impulsive wave. And your channel is using properly, I didn't realize it, thanks, again.
;) Actually there are two possibilities, 1. we are into the wave C that will probably end at 1000cny or less). 2. We are into the wave 2 of the wave 1 of the big wave iii that will end at 12000cny more or less.
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