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USD/CNY - Correction from 6.9366 coming to an end?The resent strength of the Chinese Yuan has cached the headlines lately, but my Elliott wave count suggest that the correction in wave (B) could be coming to an end in the cluster-area between 6.3625 - 6.3928. As wave v of c of (B) has been the extended wave, we should expect a quick reversal once the low is in place. Short-term a break above 6.5566 will be the first good indication that wave (B) has completed and wave (C) is developing, while a break above resistance at 6.6964 will be needed to confirm the corrective low is in place and a new impulsive rally to above 6.9366 is developing for a rally towards 7.2885.
by EWS
4hr BTC Nice bounce off the bottomI haven't posted much on Bitcoin as much of late as I have been put to sleep waiting for my OTE long zone bids to be filled. It has been an arduous wait but as price has moved slowly lower, the wisdom of patients has been so far accurate. Having said that, Bitcoin has enjoyed a rather nice bounce off the 419.40 level for going on the past 100 hours. So much so we are fast approaching a few significant resistance levels off the higher time frames and some aggressive short term bullish price targets. The bulls are expecting the current ab=cd harmonic pattern to play out (point D currently is 467.55) . That level is interesting because it does line up with a 38.2 Fib from the top so it seems very realistic. On the way to that level the market will have to overcome the 4hr - 200 sma (458) and a previous peak (463.53) so I certainly could see some volatility from current levels. BoT longs are working from the 445 area (25% of anticipated price objective) and stops are now at break even (BoT's trading rules since 50% of anticipated target move has occurred) but sadly I am still working my 'stink bids' down below. Considering momentum's 'toppy' look to it, I would be more then happy to exit (that long signal from 445) at break even should the market fail from current levels. My hunch is we will run into resistance and we will roll over and test these recent lows. From exactly where is of course tough to say but my hunch again is that the 38.2 level (off the top) is just too much of a magnet not to get hit. once we roll over,. do we break those lows is another question all together. Do I get my fills below $400, even more questionable considering where we are on the Weeklies.....shucks..... Since this is a V'' bottom, I am going to let them work and see if we can't get a real push into the OTE long zone to finish off this 4hr correction. Cheers all and I hope my simple analysis is of benefit... If my charts help you, or you use my indicators... please consider a BTC donation to allow me to continue my work : 1EBttA56cWsgtsZn83VGiNT8si7inZV5Z5 & follow me on Twitter @CRInvestor
BITFINEX:BTCUSD
by CRInvestor
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