chessnut
Short

BTCCNY EW Analysis - wave C Ending Diagonal

BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
1224 4 8
From the base of wave B of the reaction from lows we had an abc. This could only be the beginning of two things, a triangle, or an ending diagonal , both 3-3-3-3-3 formations. the difference is that a flat, a 3-3-5 formation ending in a 3-3-3-3-3 Ending diagonal may be either wave B or II, where a triangle formation, 3-3-3-3-3 can only be a a terminal move. As the price has moved higher, the elimination of a triangle possibility means that we may target yearly lows from this point.
Gravvi
2 years ago
Good and clear at, but I don't think we'll see last zigzag to 1600cny.
Reply
chessnut Gravvi
2 years ago
might not quite reach 1600, its looking weak
+3 Reply
HenrikLolsor chessnut
2 years ago
What's your opinion on the latest spike? You think this is a good selling opportunity?
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chessnut HenrikLolsor
2 years ago
Yea, all good, but play it safe, draw a lower trend line and short the breakdown, dont expect any pull back. A full retrace of 1450 should follow swiftly in the case of ED.
+3 Reply
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