BTC morning update 16.05.18

Yesterdays counts are now invalidated by breaching 8285$. That's why I always give an invalidation point when possible. The bearflag pattern was dissolved like in a textbook example.

So here are two new counts:

Now, the further price action will depend on whether we will see 3 waves up or 5 waves up next. If we see 3 waves up, the correction cannot be done yet.

I see five waves down, so the current move down should end very soon:

If you think this to be useful information:


Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.

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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
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