G'day

It has been ten days since my previous post, not much has happened since the completion of the triple zigzag on May 11th. There was a quick move from 35 cents to 46 cents,  since then the market has moved sideways in the 40 cents range. 

The question remains if the initial up wave was an impulse or a three wave move. Looking at the daily chart it looks like a three, but keep in mind that the cointrader chart only updates every 15 minutes, and because of that you can miss a very quick retracement wave on small time frames. That said, you can only use this platform for wave counting crypto since it is an exchange neutral tool that filters the extremes. And those extremes will fuck up your counts, so don't try to wave count on a chart from an exchange!

A look at the recent price action since the bottom :

To be honest, it is hard to count that sideways mess, it feels a bit like a triangle but I don't think we are dealing with one. From the high it started with 3 waves down (w), then a 3 wave bounce for x. Then there is a longer leading diagonal for a of y followed by a 3 wave bounce for b of y. So now in a c wave that should move below the w to complete a potential double zigzag correction, although a truncation is also possible (and keep in mind that a double can still become a triple later on).

It remains to be seen if this sideways mess is a "ii" or an "x", but both scenarios are pointing upward once this correction finishes. And that makes sense since we just completed a triple for green Y, and like I said last time, we'll get at least a bigger bounce. (please check my previous post for more info). IF the initial upwave was impulsive, I would expect the third wave to reach at least the 168% extension.

Nothing changed to the big picture, the question remains if we just put in an important bottom, or will we have another green X and then more downside for a Z wave.

Like I said last time, only strength can confirm a bottom.   More about that in my previous update, more focusing on the recent price action in this update.

Thanks & take care!