Anarchomania

Ratios confirm 'the right look' for triangle.

KRAKEN:ETHEUR   ETHEUR
70 0 1
Apart from the anomalous spike last night, wave C of the triangle nailed the 0.618 of wave A to the tick. This is extremely common in triangles, thus adding weight to the expectation for more sideways price action. If the rest of the triangle unfolds as normal I would expect a bounce of about 9.40 (D), followed by a rally to about 10.45 (wave E at 0.618 of wave C), followed by an impulsive 5 wave move to the downside.

From a trading perspective, this means to exercise caution for the next couple of swings as they are still just corrective and not impulsive. ESPECIALLY, do not fall for the trap of interpreting wave E as the beginning of a rally if/when it breaks the upper bound of the triangle. Throwovers are very common and almost expected of an E wave.

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