MonkeyMagic
Short

BTCUSD deeper correction bear flag

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I have adjusted my view and believe the wave 2 correction is still in progress.

Multiple patterns are all indicating a 0.786 retracement is likely.

We have the double top , the bear flag that has formed (blue lines), and the elliot wave count all telling us that the target low is likely to be around $7,200
Your count is awful. How can you call that an ABC? It's a textbook truncated 5th wave.
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MonkeyMagic faedicus
@faedicus, the content of your comment is good. I had considered a truncated 5th wave but dismissed it due to its rarity. Perhaps it does fit better after all, I may change my opinion on that.

The tone of your comment however is bad, and I certainly won't change my opinion of that.
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faedicus MonkeyMagic
@MonkeyMagic, Fair enough.
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