Looks like now's a great time to set some stop orders. Whether the triangle is actually a continuation pattern I'm not 100% sure. If we do break downwards, I wouldn't expect it to push much past the old-resistance-now-support-midterm-trendline. However, if in your own analysis you do not consider that trendline to be broken yet then you should disagree. 'Officially' neutral since breakout can occur in either direction, but as mentioned in a previous chart I have already opened a bullish position.
Note to Bitfinex users: Though my stoploss was set to $490 and we have seen the price dip to that point a few times, Bitfinex has not executed my stop order. My guess is that it's because the price was only there for a couple seconds at most, and the system didn't get to me before the price rose again. Can't bee too sure though. Thought it worth mentioning.
Edit: Yes I realize wave 3 is shortest. The count is a bit ambiguous, and I missed that while proofing. Wave 3 actually may extend to where subwave ii of 5 begins, making that wave ii actually wave 4... I think this is a wave extension that makes it difficult to count.
Note to Bitfinex users: Though my stoploss was set to $490 and we have seen the price dip to that point a few times, Bitfinex has not executed my stop order. My guess is that it's because the price was only there for a couple seconds at most, and the system didn't get to me before the price rose again. Can't bee too sure though. Thought it worth mentioning.
Edit: Yes I realize wave 3 is shortest. The count is a bit ambiguous, and I missed that while proofing. Wave 3 actually may extend to where subwave ii of 5 begins, making that wave ii actually wave 4... I think this is a wave extension that makes it difficult to count.
