SUMMARY
The below Cup & Handle pattern was introduced last week and shown as having a double symmetrical patterns.
Usually the Handle pattern coincides with either wave 2 or 4 and thus the degree of retrace depends on which. Since wave 2 retraces usually 50% of wave 1; it can result in a deeper correction. Howver, given how lateral the price is moving this is likely the action type of wave 4.
My primary count is shown below where price is channeling between two parallel lines. IF this is correct, then BTC/GAS should start rising towards the D wave and then decline in wave E. Most parallel line prive moves complete the five abcde waves and are unlikely to breakout at wave D without completing the E wave. Triangles are known to do this but much more unlikely for channels.
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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