Following some nice expected impulses towards 1300 in the BTCCNY
pair, a reaction is taking the place of wave (ii) of iii
) or wave (iv) of iii
of an ending diagonal
) as wave b within this reaction. Triangles are in the form of 3-3-3-3-3 in a contracting range. They occur in position of wave b or iv, meaning as a strong guideline they are terminal moves, preceding important reversals within the local trend. This triangle has nice form, and if it resolves as expected it will be a powerful tool in trading this market at this point in time.