SUMMARY
Yesterday, I had presented the below wedge fractal patterns. If the smaller fractal is labeled, waves a,b,c and d are complete and e remains, as shown by the red letters. Wave e completion would mean that price could likely re-enter the $7,500 range.
Last night I also presented the below symmetrical pattern and how price is carving out an abcde (blue) set of 3,3,3,3,3 waves where each wave is subwaved by an abc three. Once blue e is complete, the correction length would have reach about 4 onths and price would be bullish proximal to the Apex.
When the above two charts are combined, they converge quite well. The two wedge patterns fit snugly into the larger symmetrical triangle pathway. If the decline from the $20k level to $5,900 was a large blue wave "a" then the recent bounce completed blue b and the second smaller wedge is trying to put in c with d and e still to go. The sideways action provided by this provides ample time for price to churn and consolidate before the next leg up.
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