XBTUSD: Bearish ascending triangle using elliot wave theory

Assumptions:
1. the large rejection a few days ago implies we are still in a bear market.
2. MACD being squeezed, so a move either way is imminent.
3. Bearish divergence on the E wave.
4. Bullish momentum has been weak in the past 2 days.
5. Target: the next support point.

Comment:

target: 6260

Trade active:

The ABCDE Count might not be correct since it still has space to move in that acending triangle.

if we ignore the wick, we get A (instead of C), B (instead of D).
While C,D,E are still incomplete.

Comment:

In the process of breaking down!

Comment:

My first post on tradingview, sorry if the graph appears like shit, just move to the left so it will zoom out and you can see the big picture.

Trade closed: stop reached:

Stoploss hit, 4 hours after hidden bullish divergance appeared on the 1 hour chart.