EW analysis flat correction underway BTCCNY

31 Oca 2015

An impulsive count from lows in the BTCCNY pair turned out to be corrective in nature. After producing a zig zag, now a unorderly retest of lows, and a terminal EW triangle, the count is strong in favour of a larger flat correction. We are looking for a five wave rally from this point, likely to 1500+ yuan. There is one alternative, that the flat evolves into a triangle. While this would bearish short term it would be very very bullish long term as triangles reliably precede changes of trend.