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RE: BITCOIN BTC Jan 19 12 Minute Morning Update - Consolidates in Ascending Triangle. Bullish or Bearish? Both Views

in #bitcoin7 years ago

i agree on the patttern but let's have look at the definitions.


http://thepatternsite.com/EWTriangleAscending.html http://stocata.org/ta_en/elliott6.html

as you will see, the ascending triangle in a bear market will result in a drop not up.

also, we need to keep an eye on the wave 1 of C and the retracement of the wave 4. They shouldn't cross but the target you give does.

Please feel free to correct and educate.

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they can overlap fine in many circumstance with subrules. here's one as an example from a text book. this rule holds true for corrections in specific sub waves and specifically in ending diagonals as well. and more.