I wanted to clean up and relable this consolidation large Triangle Pattern to an ABCDE from a WXY-ABCDE Triangle. It just looks better to me.
The only reason I was hesitant to make it an ABCDE is because wave 4 of the 5 wave impulse down in the first ABC correction went slightly into wave 1 territory, but what I've learned in futures and Crypto is that it will tend to do this because of the volatility and massive leverage being used.
Either way, it's the same outcome.
Another thing I wanted to mention, is that if you follow volume profiling, you will see that the 8200 level (approximately) is the most traded in quite some time, which means that many traders feel this is a reasonable price. To me it's just a great foundation being built for the next thrust up. (hopefully-as long as the triangle holds)
The only reason I was hesitant to make it an ABCDE is because wave 4 of the 5 wave impulse down in the first ABC correction went slightly into wave 1 territory, but what I've learned in futures and Crypto is that it will tend to do this because of the volatility and massive leverage being used.
Either way, it's the same outcome.
Another thing I wanted to mention, is that if you follow volume profiling, you will see that the 8200 level (approximately) is the most traded in quite some time, which means that many traders feel this is a reasonable price. To me it's just a great foundation being built for the next thrust up. (hopefully-as long as the triangle holds)