After a sudden drop
in Feb,19 (marked blue) bitcoin
started printing hh's and hl's. This indicates an uptrend (marked black). It already recovered 70% of the drop
. Typically, a correction takes 30-50%. When you have a movement recovering 70% chances are that it is not a correction anymore but a reversal.
In UG setup rules we wait for price to go deeper and hit 78.6% correction level to get an extra confirmation of the trend. If this happens most likely the downtrend drop
will be totally recovered and a new high will be installed
list of terms:
: Unified Gartley
: Higher High.
: Lower Low.