Here is my revised chart labels for Bitcoin Cash. The descending right triangle pattern is a terminal bearish pattern that happens at tops. The bottom white line is a horizontal line that now connects the bottoms of the price bars. The top white line connects the price tops and is in a descending slope. Together, the two white lines trace out a descending right triangle.
The means to calculate the minimum downside is to draw a line parallel to the bottom white line of the right triangle. When this parallel line (dotted) meets the apex vertical point, that's the minimum downside target. In this chart, it's $300.
I've also added the EW counts. We finished wave 5 in an explosiong and now the requisite abc (red) is underway. Wave c should end at or near the $300 zone.
Here is a didactic link explaining descending right triangle patterns:
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_continuation
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish.
