BTCCNY EW analysis - On the edge of a cliff

After completing the large flat off the reaction from lows BTCCNY has completed a full impulse and reaction, waves I and II or A and C from the highs formed. Impulses are always followed by impulses. This could be the beginning of a large and steep impulse towards 800 yuan or possibly an abc 5-3-5 towards around 1200 yuan. The impulse possibility is textbook and most fitting. We have a lot of good form to support the count on many time frames and many critical levels of validation.

As illustrated, wave i of III is already complete and wave ii is nearing completion. wave iii of III will follow, the eye of the storm. A breakdown under local lows could cause a particularly violent cascade.

When (and if) the impulse is done it could conclude lows in the BTCNY for many months, terminating the current bear market to at least some degree.