SUMMARY
We can't forget about the "Hurry Up & Wait" syndrome and be assured that Bitcoin Cash has not escaped this innate imprinting. This syndrome is attributed to how cryptos "Hurry" the impulse waves but take notoriously long time to complete the subsequent correction.
Let's take a look at the below chart of Bitcoin Cash. Note how the white impulse waves took very little time! Note also how the buying power was flamed out with a momentary spike upwards that promptly reversed. The white horizontal line represents the length of time it took for the impulse to complete. The blue line represents the time it took to correct. It is 8x the white time length. This is a true "Hurry Up & Wait" episode.
Now let's take a look at the recent price action of Bitcoin Cash. It's a larger fractal of the above chart. Let me explain. Again, Bitcoin Cash wasted no time in putting in the impulse waves...in fact the fifth wave was VERY extended. Usually, when the fifth wave is so extended, the retracement is very deep...86% or so. Also, note the very long price spike...this was in effect a major flameout of the bull strength! The Bull Mojo has been so very sapped by this flameout. Now, consider the "Wait" phase...I've drawn out a free hand impression of what could be a very long, extended, price meandering. The white time band is very short compared to the blue time band.
So, IF the "Hurry Up & Wait" syndrome is to be adhered to again as it is an innate syndrome of cryptos, and since the massive flameout of the bull mojo has wiped out the buying power, I believe "Winter" is to come yet again to Bitcoin Cash.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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Legal Mumbo Jumbo: 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.**