BELA: Early Signs of a Trend Reversal

SUMMARY

BELA/BTC placed a quick runup in five waves. The resulting corection was an ABC flat sequence as 5,3,5 waves. The contours of the price pathway since December reflects a large rounded price formation. However,the usual basin phase needs to kick in.

The blue rectangle encompasses the sideways price action that often occurs prior to building the right side wall of the rounded pattern. MACD shows the potential for a breakout which would also support price breakout. The blue Elliott Waves projects the price pathway in the coming weeks. A trend reversal could be at hand.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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