.A three-wave move in Wave ((A)) or ((W)) which is ABC ZigZag in this case, constitutes a Flat or Triangle for Wave B. Yes, you can almost predict Wave ((B)) or ((X)). The weekly chart below shows that the correction in crypto is not complete; in fact, Wave ((C)) or ((Y)) can be the worst to the downside.
I tried to label this chart as best as I can before making it convoluted.
Let’s bring your attention to the triangle pattern in Wave ((B)) or ((X)); some technicals are-measured by the height of the largest part of the triangle for the height or depth of Wave ((C)) or ((Y)). Now, as we know there’s nothing about the market absolute, this is a pretty good computation, with most technicals.
On this Log Scale Chart, you will see the dotted red arrow that measures the triangle’s height. I duplicated this arrow and placed to the contracting part of the triangle; you will see it runs off the screen. This is still the same measurement in height; it goes to sub-zero levels. I am not sure if this will happen but this is interesting and time will tell or not.
Regardless the correction does not appear to be over. And look, I don’t want any smoke but this is just what I see.
