Counterparty has broken out of the four-hour wedge pattern.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, I believe Counterparty is currently in the wave three in the four-hour chart. The wave one (sub-waves i-v) started on December 27, 2016, and finished on December 29, 2016. The wave two (sub-waves abc) correction ended on January 2. If this wave count is correct, Counterparty should be heading next towards the December 29, 2016 peak.
(Chart courtesy of Tradingview.com)
Looking at the daily chart, Counterparty started a five wave advance on December 29, 2015. The five wave advance ended on September 21, 2016, and the three wave correction finished on December 27, 2016. If this wave count is correct, Counterparty should be heading next towards the September 21, 2016 peak.
(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long Counterparty.
If you think this analysis is correct, upvote this post and upvote the comment "Counterparty will takeout the December 21, 2016 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Counterparty will drop below the December 27, 2016 low".
If you think Counterparty is in a range, upvote this post and upvote the comment "Counterparty will stay in a trading range between the December 27, 2016 low and the December 21, 2016 peak until February 3".
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