EWFOREX.NET
Pattern in progression: Minuette Degree Triangle
The Crypto is trading at $39400 this Friday morning. The contraction from the 32917 June 13 low appears to be cutting out its Minuette degree c-wave. The ADX has slowed to 19.25 which is no trend while –Di hugs +Di on its downward slope. This is common ADX momentum with these patterns.
However, volatility is up. The ADX is down below the 20 while average true range runs hot! Notice that the ATR move up with the 34322 Feb 23 spike low. And as volatility goes both ways, price then shot up to complete Minuette degree B and then headed south again for half of Minuette C where its trading now. All this while the Daily 14 period ATR moved above the Daily 200 ATR with the 14 ATR registering $2768 dollar avenge true range.
Very volatile to be happening at this late stage of a triangle. Let’s see if it cools off before it pops. It does look like we have a couple more swings which should slow things down a bit before the drop; if this count it right.