Hi guys,
I shared in the past my opinion about the difficulty of applying TA to BTSUSD because we see alot of extension and combination structure.
I have to say to I have worked hard on this one cheking the chart and looking my books for 2 hours now.
Ok so lets start here.
1-last time we talked i said this corrective pattern seems finish :
A flat corrective pattern. Im 150% this is a flat correction. Ive looking this upside down and this part was a flat correction
(flat corr. patt. : d.stockcharts.com/sc...atterns/wave17_1.png)
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2- The question that I ask myself for some hours is why the hell the bullish outcome didnt meet the pattern. What am i missing (30 min past counting at the chart, still suyre as hell that it was a flat corrective pattern). There must be a combination, there is something that i dont know and that i must know *sound of book opening*
2.1- The flat pattern finished with a 1-5 wave, this is a standard structure to name it C (C are made of 1-5 sub wave).
2.2- After the ABC flat. We made an ABC instead of an impulsive wave up. Normally we should have had an impulse wave up, because when the correction is over the momentum resume
2.3- only WXY combination or double zig zag have ABC in the middle. So my guess is flat + combination with bullihs outcome.
_________________________________
Note that im not sure about the wave of our current retracement but i will update once im sure of the reversal point
I shared in the past my opinion about the difficulty of applying TA to BTSUSD because we see alot of extension and combination structure.
I have to say to I have worked hard on this one cheking the chart and looking my books for 2 hours now.
Ok so lets start here.
1-last time we talked i said this corrective pattern seems finish :
A flat corrective pattern. Im 150% this is a flat correction. Ive looking this upside down and this part was a flat correction
(flat corr. patt. : d.stockcharts.com/sc...atterns/wave17_1.png)
_______________________________
2- The question that I ask myself for some hours is why the hell the bullish outcome didnt meet the pattern. What am i missing (30 min past counting at the chart, still suyre as hell that it was a flat corrective pattern). There must be a combination, there is something that i dont know and that i must know *sound of book opening*
2.1- The flat pattern finished with a 1-5 wave, this is a standard structure to name it C (C are made of 1-5 sub wave).
2.2- After the ABC flat. We made an ABC instead of an impulsive wave up. Normally we should have had an impulse wave up, because when the correction is over the momentum resume
2.3- only WXY combination or double zig zag have ABC in the middle. So my guess is flat + combination with bullihs outcome.
_________________________________
Note that im not sure about the wave of our current retracement but i will update once im sure of the reversal point
Trade active:
I have this variation. But its kinda the same. The purpose is only to find what combination is in play :
Trade active:
lets follow this count for a few more updates :
Trade closed: target reached:
It was indeed ABC and combination structure. I see a good potential and massive bullish signal. I wil ldetails it this afternoon. Sharing with yall my monday morning look :
Comment:
This is more a mid term/long term outlook but let you all know that i have a better picture now than few days ago ( i didnt putted price target and was focus on the structure). So stay tuned for the update this afternoon
Trade closed manually:
we get the idea of the retracement in this post report to new BTS post