An Elliott Wave + Kennedy Channel (EWKC) illustration of price architecture from Dec '18 to present. USDT pair selected due to highest traded volume. Key observations since last TA. Key:
Blue | Green | Red = Base | Accel. | Decel.
Observations:
The 19 Nov rally was resisted by the Deceleration centre (Log scale)
Price was resisted by the Deceleration lower bound on the 25th Nov
Price formed a Bullish diagonal beginning 25th Nov. Comprised of a 5-3-5-3-5 structure, this can only be a leading diagonal.
Conclusions:
The 25 Nov rally is a perfect candidate for a W1/WA of higher degree (a 5-wave move or a corrective 3-wave move respectively).
The chance of another rally after a >=50% retracement is high.
The architecture of the larger degree wave formed by the next move after this retracement will indicate whether the larger move will be corrective (3 wave) or motive (5-wave).
A move below $6515 invalidates the diagonal candidate.