Coinbase Elliott Wave count take profits await short opportunity

The impulsive five waves from the August 2015 low was followed by a triangle pattern that has been breaking out to the upside since the March 2016 low. This constitutes an A-triangle B-C wave count. It is rare for a triangle to be in wave two of an impulsive five wave count, therefore counting this rise as an A-B-C corrective wave has the highest probability.

775 price area is my primary target for the completion of five waves. The target is based on 1.618 Fib extension of the wave (A) rise and wave (a) retracement. It's possible the high has been reached (alt count) but this makes wave (4) disproportionately small relative to wave (2).

I believe this is a good opportunity to take some profits and watch for a short opportunity after an impulse down wave.

Comment:

Also take note of volume at the Wave (A) high versus volume at the current high. The lower volume at the latest high does not support that this is a third wave of a larger five wave rise. The divergence between price action and volume is suggestive of a turn in the near future.

Comment:

Target reached. The minimum requirements for a top have been met but, the alternate count is now my primary opinion for forming a more proportional five wave pattern.