SUMMARY
Bitcoin Cash (BCH) has broken out of the very large downward symmetrical triangle and it certainly took it's time to make a deeply retraced correction. It was a complex WXYXZ type (blue) that took back profits from anyone who didn't take it. However, another rally is in progress and so the profit scenario returns. The below chart shows that the trend reversing breakout so far consists of waves 1,2,3,4 being complete and 5 with a bit more to go. But remember what is required after a five wave motive completes.
IF this count is correct, then once the 5th wave is placed, a minor correction is to be expected. While wave 5 might travel higher than expected, it wouldn't invalidate the need for a correction. The MACD still remains bullish but it too needs to accomodate for the price corrctions, as shown by the red arrow.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
