WARNING - This chart is the opposite of the calls being made by the majority of Top Analysts on Steemit and TradingView.
I am posting a BTC chart this time as all of the Alt Coins follow BTC for now.
Virtually every Analyst out there is saying the bottom is in. @haegin is calling an inverse Head and Shoulders, which if it completes will see prices rise to $14,142.00 minimum short term. I respect the other Analysts out there and Haejin is a great EW technician and teacher, but in this instance I am going to disagree with them as I do not believe the bottom is in yet.
Wave C of an ABC correction always consists of 5 Impulse waves (1 of the rules of EW). No matter what time frame I use, I am unable to get 5 impulse waves into the last downward wave. For that reason I have reworked my chart and this is what I now believe is happening. Wave 4 (corrective wave) is forming an ABCDE correction inside of an ascending triangle which is very Bearish. This fits another EW rule whereby, of the corrective waves (2 and 4) One will be a sharp correction the other will be a drawn out correction. These always alternate.
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This chart is for my personal trading and entertainment purposes only. Please do your own Due Diligence before investing in any token and never invest more than you can afford to lose.
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