SUMMARY
Black Coin (BLK) is showing the common symmetrical triangles that often repeat consecutively during an Altcoin correction. Given the breach from the second fractal, price has made sizable effort to continue the breakout.
A closeup shows a five wave impulse up allowed the escape from the triangle trend lines and the resulting correction seems at the latter end of its process. In this case, the pathway is labeled as wxyxz which thus calls for a lower low potential.
As there are almost always more than one way of counting Elliott Waves, the initial down could be counted as an abc subwave for WXYXZ. Often these multiple counts might vary in the pathway but the destination usually remains about the same. Bottom line, the correction is likely at it terminal end and the lower low would likely hit the 0.78 Fibonacci zone.
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Elliott Wave Counting Tutorial #1
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Tutorial on the use of Fibonacci & Elliott Waves
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