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Short

Bearcoin, 4H Gartley and Ending Diagonals.

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
Looks like bitcoin             is about to get another big wave down, this should bring us under $200 within the coming days.

On this chart, you can see that we have a pretty nice bearish Gartley pattern (http://www.investopedia.com/terms/g/gartley.asp). Along with 2 Elliott Wave Ending Diagonals, one is Wave C of a flat (red lines) which I believe to be either part of Wave E or Wave 2, the other is Wave v of C (yellow lines). This makes for a very bearish chart setup, along with the bearish divergences on the AO and AC on multiple time-frames. This is probably a great time to start opening up short positions against the trend to hold for the next few days.

Targets are difficult to make at this point, but the blue arrow shows a good target for the end of Wave 3, if it develops in such a way. Otherwise, we may have our first stop around 1200CNY for Wave 1.

The reason I am changing my count now is because Wave 1/D looks distinctly impulsive, so there is a chance instead of this being a 12H triangle, like my linked charts predicted, it could actually be a Triple Three Correction, ending at Wave C. Either way this is a very bearish set-up with a tight stop-loss. My strategy is to open shorts with stops set and go have fun for the next couple days while bitcoin             bites the curb. Remember it helps to keep your eyes OFF the prize ;)

"Do your work, then step back, the only path to serenity" -Lao Tzu
Tips: (BTC) 1N7YB8HMzrmtSG8GdZ5b2gdERwENqoSBq
UPDATE: Looks like we are done with Wave 1. Also it looks like Wave 1 is a Leading Diagonal, meaning we are about to get a huge wave down after this correction.

Here are possible targets for abc of Wave 2 and also for the subsequent Wave 3 if these targets are correct. I'd hedge shorts here and go long if you want to scalp this move.

snapshot


I appreciate all the likes and follows guys :)
+1 Reply
Hi Scamcoins. Could you post that as a live chart by any chance?
Thanks a lot.
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Intuit PRO rubenthin
+1 Reply
Thank you Sir :-)
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Hello Scamcoins. I've been watching the rising wedge pattern play out similar to yours.
Strong support has been found here so far...do you think this breakout might be done?
I know yours predicts a much larger move.
Watching closely for any breakdown, but looking bullish right now to me:
snapshot
Reply
Intuit PRO rubenthin
snapshot


If anything, I would be opening more shorts here. As you can see on this chart there is:
1. 15m Bearish Div
2. Possible Leading Diagonal (Wave 1)
3. AB=1.5CD (Wave 2)
4. Possible Bearish Gartley (not ideal)
5. Wave 2 retraces ~50% of Wave 1

I am still holding my short from 262, no reason to close yet.
+1 Reply
Oh yea, forgot to mention the double head and shoulders. The smaller one is already complete, looks like the bigger (red) one could be completing soon.
+1 Reply
Thanks a lot for this bigger picture...looks way more bearish in this perspective :-)
Many thanks
+1 Reply
One thought though, the H&S appears to be in a 'continuation' scenario in your chart...its only a reversal pattern isn't? So potentially not valid here?
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Intuit PRO rubenthin
How exactly is it a continuation on my chart? We were going up and now we're going down. It's a reversal. If you're referring to the fact that its not completed yet (hasn't broken the neckline) it's just something to keep an eye on until it does.

snapshot
+1 Reply
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