Potential Symmetrical Triangle Correction T30

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Short Term Target: 7k
Mid Term Target: 6.3k
Long Term Target: 8k+

Symmetrical Triangle Correction Pattern Notes:
The horizontal triangle is a pattern that consists of five sub-waves that form a 3-3-3-3-3 structure labeled as A-B-C-D-E . Unlike the motive wave, which also has five waves, this pattern reflects a balance of forces and travels in a sideways pattern. The sub-waves are corrective and form patterns of threes.

The horizontal triangle can either be expanding, where each following sub-wave gets bigger in amplitude, or contracting, forming a wedge . The triangles may also be categorized as symmetrical, descending, or ascending, depending on whether they seem to be pointing sideways (as in the example above), or up with a flat top and rising bottoms (ascending), or down with descending tops and a flat bottom.

The sub-waves may be composed of complex combinations, and not just of zigzags or flats. Although it may look easy in theory to spot a triangle, it may take a little practice to become familiar with them in the market.

A triangle may extend by having its fifth wave also be a triangle of lesser degree. Instead of Wave E being a three-wave structure, it will be another horizontal triangle. This just demonstrates the level of complexity that Elliott Wave Theory can reach.

One thing to remember about horizontal triangles is that they always appear in the position prior to the final move of the pattern, or as the final pattern in a combination. This means that they will appear as Wave 4 in an impulse wave, or as Wave B in a zigzag . This one fact can help alert an analyst to a change in trend.
May 28
Trade closed: stop reached
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