SUMMARY

Per this morning's update; Bitcoin (BTC) has broken the bottom white line of the flag pattern and this can clearly be seen in the below chart. Given the preponderance of trend and prior fractals; this primary count shows the likelihood of the next smaller flag being patterned out overnight or tomorrow to be very probable. The second flag could be formed at a bit higher than drawn but that would not alter the count, pattern or indicator. Expect all of Cryptosphere to follow in this decline of minor correction.

What's the top alternate scenario? The below chart has lines drawn following the contours of the price bars; at their tops and bottoms. Thus far, a symmetrical triangle can be discerned and this is for now labeled as red ABCDE. Of these, A,B and C are complete and that leaves D and E. Don't forget that not every triangle pattern is absolutely required to have five abcde waves; thus 1/3 of the times, the breakouts occur at wave D and that certainly could happen here as well. Whether the minor correction progresses in the primary or the alternate pathways; it really shouldn't matter because the destination remains likely to be the same.....UP!

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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