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Long

Bitcoin Horizontal Triangle Resolving Up (Elliott Wave Analysis)

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
Breaking the B-D line this morning with a lot of momentum and volume is a good indication that this triangle has just completed up. Many people were expecting this triangle to complete wave 4 and break down, however, that does not appear to be the case here since it has taken so much time and still failed to break down. Also looking at the previous action it seems much more likely that the first abc is actually a zigzag , rather than the first three legs of a 1st wave extension.

Since this has a small x-wave it appears that we are in a Double Combination, which means that we shouldn't get a full retracement here. I am watching for a 38.2-61.8% retracement, this should put us anywhere from 390-432 USD before this bull-run is complete.

This is a non-limiting triangle so we shouldn't return to the apex, if we do that may be a good sign to stop out of this trade.

"The Master's power is like this.
He lets all things come and go
effortlessly, without desire.
He never expects results;
thus he is never disappointed.
He is never disappointed;
thus his spirit never grows old." -Lao Tzu

Good Luck Traders.

Comment:

Looks like we broke down last night. From here we should either broke the low under 2000cny and keep going, OR form into a complex correction before going down. Hard to say for sure from this point, but based on time considerations I think a complex correction is likely to form here.
Trade closed: target reached: Direct hit. Possible that we are topping out here.



Waiting for the break down to short
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100% agree, that line break with decent volume would be the mother of fakeouts, lets hope it has chosen direction on that move.
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