SUMMARY
The below chart of Bitcoin Cash (BCH/USD) was posted two weeks ago and a lower low had been forecasted. The upward pointing symmetrical triangle had boded a likelihood of a potential price breakdown. That had occurred but an updated count could be in the works.
The Elliott Wave (EW) count has been updated as can be seen in below chart. I've truncated the correction to completion potential with the red (a), (b), (c) being placed. Wave (c) also can be fitted with five subwaves (purple). In case you are wondering, yes, there is a degree of subjectivity in my analysis which must be amenable to change. Why? Because change is the only constant in our universe. That is the way of this world of impermanence. Nothing from one instant to another is ever constant; it is always different; noticeable or not. So, yes, my analysis will change on the dime when change indicators call for it. Cynics and the uninformed would called this wishy washy; but the informed see it at a higher level.
The most recent price action is being labeled as impulse and correction; a motive. The white five waves compose the subwaves of a higher degree of trend wave 1 and the subsequent abc (red) consist of wave 2. So, IF bitcoin undergoes a minor correction as expected, then BCH can conjoin with it's slightly lower low to complete the red c wave. Conjoining is not required by BTC but given the all the same market attribute, it is likely. The next update post will discuss the next price pathway steps; once the correction is complete.
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
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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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