BRETTGUS1
Long

WTC break of contracting triangle

BINANCE:WTCBTC   Walton / Bitcoin
The break of the contracting triangle shown above forces a wave recount. It appears that only wave 1 2 and 3 are in so far and this extended retracement is the forth wave. The good thing about this price action is that according to the Elliot wave breakouts from contracting triangles tend to be impulsive and also terminal waves, so if we can find the bottom, we will have a very good entry point. So far we have no indication of a bottom and instead are looking at the possible targets. Using fib extensions, we have defined two possible targets. Elliot wave also says that fourth waves tend to end at the 4th wave of the previous 3rd wave.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out