EW Analysis - BTCCNY flat correction almost complete
BTCCNY has completed most of a flat correction after a violent dip to the 1400 area. The flat, a 3-3-5 has begun with a simple 3, a characteristically deep retrace 3, an now it is evident that the wave C, necessarily a 5 wave impulse is an expanding diagonal. Expanding diagonals are built of 5 waves of three abc's, which must overlap in an expanding wedge, and wave v of an expanding diagonal must be the magnitude of iii and greater. This places a target at the 0.618 fib of the entire retracement. The stars are coming aligned with this one. Currently touching the lower trend line of the expanding diagonal is an ending diagonal, a most fitting count for wave (c) of iv of C.
The target is at least 1570!
The target is at least 1570!
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