SUMMARY
Bitcoin Cash (BCH) was talked heavily not too long ago as to how it was inversely correlated with Bitcoin. I had taken the other side of this impression. BCH follows Bitcoin as it has in the current correction. Similar to Bitcoin, BCH is nearing a visible bottom.
The below chart shows a symmetrical triangle labeled using WXYXZ count (blue waves). IF this pattern is followed, then wave Z could reside at or a bit below the bottom white triangle line. Much of this scenario will depend on Bitcoin's depth of the upcoming lower low. A bull wick to clean out the weak hands would be natural, as well.
The same price pattern counts well as a large Flat abc correction. Red B wave is formed as a triangle and the final red C's subwaves are shown in white. This too shows that the correction bottom isn't distant but rather nearby.
Legal Disclaimer: 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?
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