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RE: Bitcoin (BTC) Morning Update: Price is Still Above the Support

in #bitcoin7 years ago

I think this is not Leading diagonal.

Leading diagonal rules:

Diagonals are always 5 wave structures.
Structure = 3-3-3-3-3 or 5-3-3-3-3
Leading Diagonals happen in Wave 1 of an Impulse or Wave A of a ZigZag.
Wave 2 & 4 always subdivide in ZigZag corrections.
Wave 2 Never moves beyond origin of Wave 1.
Wave 3 must go beyond Wave 1.
Wave 4 must move into wave 1 range but not beyond Wave 2.
Wave 5 must go beyond Wave 3, there should be no "Truncation".
In Contracting Diagonals, Wave 3 is always shorter than Wave 1, Wave 4 Shorter than Wave 2, and Wave 5 shorter than Wave 3.
In Expanding Diagonals, Wave 3 is always longer than Wave 1, Wave 4 longer than Wave 2, and Wave 5 longer than Wave 3.

Your wave 5 has 5 waves. and the rule is that should have 3.
We can maybe mark it other way to make a case for ABC in the 5th wave.
Also wave 3 is longer than wave 1. (for 3%) :)

Also, the rule is that it can only happen in wave 1 of an impulse or A of ABC that we will still have waves B and C, and that can take a long time to finish.

I think it's Zig Zag with one more lower low to make and that we are done with correction.

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I think that that's a possibility. It would then look like the 2001-2002 dot com correction.