Price has corrected to 38% retracement of the advance across all exchanges. We would expect, based on the Elliott Wave Principle and from the Bitcoin chart history, that the correction should pull much lower – to 50% or 62% at least – but trade pushes price back above 38% without fail. At this stage, a wave B back to the upside, followed by a wave C to 68% retracement is the textbook scenario, but if the correction consolidates at the 38% retracement level and then starts exhibiting advancing price patterns, we’ll see another rallying wave to $350 and 2,250 CNY.
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