SUMMARY
In this morning's update, we had a primary pathway for an a,b,c,d,e triangle and a secondary price pathway for an a,b,c retracement. Being aware of these two paths, a lower low should not have panicked anyone but rather keep it far away.
The below chart again adds to the fact that Bitcoin just loves triangle patterns! If it is correct, then this pattern will complete as a bullish downward pointing symmetrical triangle and can be labeled as a,b,c,d,e. Price might want to get closer to the Apex but for now, I'm putting a $12,393 as the retracement target. Let's see what happens in the overnight price action. The pattern might complete overnight, in which case, we could see the price effects of a renewed impulse up.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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