SUMMARY
BELA/BTC placed a quick runup in five waves. The resulting corection was an ABC flat sequence as 5,3,5 waves. The contours of the price pathway since December reflects a large rounded price formation. However,the usual basin phase needs to kick in.
The blue rectangle encompasses the sideways price action that often occurs prior to building the right side wall of the rounded pattern. MACD shows the potential for a breakout which would also support price breakout. The blue Elliott Waves projects the price pathway in the coming weeks. A trend reversal could be at hand.
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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?
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