Great place to start re-opening shorts with a tight stop-loss. Counts on the lower time-frames support the ending of Wave 5 of 5 of c of 2 of (3)
There's also a big bearish momentum divergence on the AO at this time-frame and a 62% retracement of wave 1 of (3). Since this appears to be a Wave 3 of (3) on the horizon the next drop will be extremely strong. Bulls beware.
"No amount of thinking can accomplish what a small amount of not thinking can."
I have a similar idea. We almost, but then did not break though the real resistance. Which would have been going beyond 1430 CNY on OKCoin.
Intuit
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UPDATE: and hopefully the last one! (check description for more info)
rubenthin
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Hi Scamcoins. I have the same wedge/diagonal and was expecting last nights breakdown to follow through.
Odd how this wedge seems to be made up of back to back impulses rather than back to back ABCs??
rubenthin
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*referring to the cny chart more so...
Intuit
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It's kinda hard to say but Wave A and wave C are both definitely Threes. Wave D and B are kinda iffy and could go either way, I'm kind of thinking they are impulsions and that instead of this being a horizontal triangle (its not a wedge/diagonal like you said, those must be slanted) it is actually a series of 1/2 waves leading up to a 3rd wave extension.
At this point it is very difficult to come to any conclusion other than short with stop losses right above Wave C
Intuit
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UPDATE: Another possible count if we don't start dumping right here and now:
Also keep an eye on the other possible pattern here:
Right now I think the most likely formation is the horizontal triangle, second to that is the current chart, and the final possibility is wave c up to 231/240 forming a harmonic like my most recently published chart. Chances of ONE of these being right is extremely high. Due to the ambiguity of this trade using fractals is a great way to keep yourself with the trend.
Intuit
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UPDATE:
I'm favoring this new count. The current one could still be possible but I'd say it's a slim chance considering the momentum on a higher time-frame. This will create a big bearish divergence and give us some momentum to break through this support. Also it will create some nice harmonics :)
Intuit
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Here's an updated internal count. Great place to short if you aren't already in position.
rubenthin
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Hi Scamcoins. What do you make of this talk about a bounce to 240 before continuing down?
To me it needs to complete the correction downwards first.