XBTUSD: Alternative Bearish Ascending Triangle Elliot wave count
Updated
Assumptions:
1. the large rejection a few days ago implies we are still in a bear market.
2. MACD being squeezed, so a move either way is imminent.
3. Bearish divergence on the E wave.
4. Bullish momentum has been weak in the past 2 days.
5. Target: the next support point.
18 minutes ago
Comment: target: 6260
This is my Alternative elliot wave count, since there is still space to move within that acending triangle. We ignore the initial wick in our count.
1. the large rejection a few days ago implies we are still in a bear market.
2. MACD being squeezed, so a move either way is imminent.
3. Bearish divergence on the E wave.
4. Bullish momentum has been weak in the past 2 days.
5. Target: the next support point.
18 minutes ago
Comment: target: 6260
This is my Alternative elliot wave count, since there is still space to move within that acending triangle. We ignore the initial wick in our count.
Trade closed: stop reached
Stoploss hit, 4 hours after hidden bullish divergance appeared on the 1 hour chart.
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