Bitcoin prints an Emerging 5-0 pattern. And the Elliot wave count on the BC leg dictates that we still expect a wave 5 push up to the price region marked as a potential reversal zone before we can expect bitcoin to make the CD leg to a minimum of 13900.
5-0 pattern is a distinct 5-point reversal structure, discovered by Scott Carney that typically represents the first pullback of a significant trend reversal. It is a relatively new pattern with 4 legs and specific Fibonacci measurements of each point within its structure, eliminating room for flexible interpretation. The following measurements define the pattern: the AB leg should be a 1.130 to 1.618 extension of the XA leg. The BC leg should be a 1.618 to 2.240 extension of the AB leg. The CD leg should be 0.500 retracements of the BC leg and it includes a reciprocal AB=CD pattern. With this, the Potential Reversal Zone (PRZ) is defined differently from other harmonic patterns.
5-0 pattern is a distinct 5-point reversal structure, discovered by Scott Carney that typically represents the first pullback of a significant trend reversal. It is a relatively new pattern with 4 legs and specific Fibonacci measurements of each point within its structure, eliminating room for flexible interpretation. The following measurements define the pattern: the AB leg should be a 1.130 to 1.618 extension of the XA leg. The BC leg should be a 1.618 to 2.240 extension of the AB leg. The CD leg should be 0.500 retracements of the BC leg and it includes a reciprocal AB=CD pattern. With this, the Potential Reversal Zone (PRZ) is defined differently from other harmonic patterns.
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