SUMMARY
Prior analysis showed the conditions of a breakout reversal. Reviewing the daily, bigger picture pattern of price activity thus far shows price has breached the upper line of the downward pointing symmetrical triangle. The abc is labeled as shown and this is NOT deviation from prior analysis. There are always multiple ways to label Elliott Waves and this is that case. Prior analysis had it as wxyxz complex label; and yet, the whole can be labeled as ABC within a newy drawn wedge pattern.
What's missing is the surge in volume that MUST accompany the breakout. This surge could arrive a bit later, especially if Bitcoin decides to reach near towards $9k or so. However, it is a bit concerning to not yet see the volume surge.
The abscence of a volume surge poses the potential for the below Head & Shoulders to become actionable. The volume surge will allow the preservation of the young uptrend and a higher high would be more ideal.
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
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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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