BCH - 1 more drop before a bounce?
This idea assumes we are in a 5 wave down from the top, and we have the 5th wave to play to $250 and below
In favor,
1) Wave 2 retracement is shallow to 0.382 Fib
2) Wave 4 retracement is deeper to 0.5 Fib
3) Wave 4 looks like a triangle which is a typical consolidation pattern in that place
4) Wave 3 is 1.618 of wave (1)
Wait for confirmation that triangle is breaking down, because they can be fickle and breakout in either direction
Stops:
Triangle is invalidated above $329
Wave 4 is invalidated above $345 (and later $385)
Alternate count:
We are in WXY, where W is done with ABC (red) and now we are in a 3-wave X wave, followed by drop
In favor,
1) Wave 2 retracement is shallow to 0.382 Fib
2) Wave 4 retracement is deeper to 0.5 Fib
3) Wave 4 looks like a triangle which is a typical consolidation pattern in that place
4) Wave 3 is 1.618 of wave (1)
Wait for confirmation that triangle is breaking down, because they can be fickle and breakout in either direction
Stops:
Triangle is invalidated above $329
Wave 4 is invalidated above $345 (and later $385)
Alternate count:
We are in WXY, where W is done with ABC (red) and now we are in a 3-wave X wave, followed by drop
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