BITCOIN: Double combo Correction (WXY)

Back form holidays but still not working since we are on the weekend but, finally I have time to analyze the Daily BITCOIN chart in a more accurate manner. I have redone my EW-count and I think I found an structure that will fit with the current situation.

The structure is a Bouble Combo Correction (WXY) which is composed by the combination of three main Legs:

W Leg: Can be any Zig-zag or Flat correction

X Leg: Can be any Zig-zag, Flat , triangle or combo as well

Y Leg: Can be a Zig-zag, Flat or a Triangle

Only one triangle is allowed and it can be formed either on X or in Y but not in both. If it was the case that two triangles were formed at X and Y, the pattern would be different (Double Zig-Zag) with different results, so since the X leg is a ZIG-ZAG, a triangle may be formed on the Y Leg…or not :-)..

So, in my opinion there are two main scenarios in order to end the correction:

  • Y leg ending in a pure Flat Correction: Level of price would be similar or slightly below “W” , i.e. around 9000 USD as the main known support
  • Y leg is a triangle which will push the price lower, in search of the inclined blue line, i.e. 7600 USD

Looks like September is going to be an excellent month for the whole Crypto Market.

@toofasteddie


Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

Baby boomers are keeping booze Britain afloat – but the young are drinking less

Baby
boomers are keeping booze Britain afloat – but the young are drinking less (The
Conversation)

  • While drinking rates are declining globally, particularly among young people, in the UK, baby boomers (aged 55-64) remain the most likely to drink heavily and are the least likely to abstain from drinking alcohol.
  • The universal decline may therefore be more of a polarisation around drinking, with the decline of overall consumption levels potentially masking on-going heavy drinking among some young people and particularly older ones.
  • In the UK, the 4% of the population who drink the most heavily are responsible for c. 30% of all alcohol purchases, and alcohol-related deaths as well as hospital admissions are growing significantly in recent years.

Analysis and Comments

  • It is estimated that over 20% of the population does not drink at all, and its c. 30% for people under 24 (the data is not very precise). It is also estimated that c. 4% of the population drink around 30% of the alcohol consumed and that these consumers make up c.25% of industry profits. In addition, and perhaps more worryingly, deaths related to alcohol misuse are the highest in a decade, with related hospital admissions up 67%.
  • The implications are fairly stark for Beverages companies – in Western markets we should expect a continuing shift away from consumption of mass market beer, toward premium beer, wine & spirits. This is not necessarily bad news for drinks companies, they have been repositioning themselves for this shift for some time. Plus emerging markets consumption is still rising and the trend toward premium (i.e. more profitable) drinks continues.