Monaco (MCO) Bottom Options
MCO/USD shows that the initial impulse was followed by an abc corection. Current pattern shows a symmetrical triangle pointing downwards an the abcde labels seem complete. For confirmation, a breakout is needed and perhaps that could occur during overnight price action.
For MCO/BTC; there are several ways to Elliott Wave label the correction. It could be with the red abc which would indicate completion of the corrective bottom. However, given that the /BTC pairs usually lag the /USD pair counterparts, the blue abc is more likely.
The preferred way could be via WXYXZ markers. The Z wave would match well with a triangle pattern at the terminal end of a triple combination. IF MCO/BTC is lagging the MCO/USD a bit; then price could meander sideways a short while longer.
Legal Disclaimer: 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.
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Elliott Wave Counting Tutorial #1
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Essay: Is Technical Analysis a Quantum Event?
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