When we look at the decline from the triangle it is looking like a 5 wave decline with the 3rd wave being the longest which brought us down hard and i think we are currently completing our abc up on the 4th wave and have one more leg down for another 5 wave decline which completes our wave 5. This is the primary count and the alternative would be that if we do end up breaking 7688 low on bitmex , that would imply that we are Still in a wave 3 and we go down a bit lower from here and then do an abc to 8.7k to complete wave 4 and decline for wave 5. Currently im looking to take the position i have posted on the chart. i would long in the green box. MACD shows bearish momentum which lines up with our idea that we may go tap 7.9k and get the ideal 0.786 pullback.
Trade closed manually:
You can TP here at 8190 and re-enter again because i think we still have one more leg down to high 7900's. I took my profits and have set bids lower
Trade closed: target reached
PP
