smb2222

BTC/USD Triangle Pattern Still in Play-NEW INTERPRETATION

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I've been racking my head against the wall trying to figure out this very complex and choppy BTC correction and I've come up with a new interpretation.

Anyone that studies EW will know how complex these can get, and also become suspicious at the first few corrective waves down.

I couldn't ascertain a clean 5 wave impulse on Wave C. So I picked up the old trusty Elliott Wave Principle and on page 53 figure 1-47 it shows a WXY 3-3-3 correction followed by an ABCDE 3-3-3-3-3 Triangle.

It seems to fit my triangle scenario better. The reason I didn't stick with the ABCDE Triangle count is because Wave B of the triangle is clearly a 5 wave impulse and and an ABCDE Triangle consists of 3-3-3-3-3 waves.

Another thing I wanted to point out as to why I think (HOPE) it's a triangle is because if it is a WXY correction or ABC correction down then wave C or Y would take the price to literally below 0.00 if the standard measured move or length is equal to Wave A. Wave C or Y could just go to the 0.618 length of Wave A but the odds of this happening are 60/40 in my opinion.

Let's see how this plays out
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