SUMMARY
The most recent Bitshares (BTS) update showed an abcde which would have brough the price to a closer proximity to the apex. However, given how bullish Bitcoin had been, this five wave correction labeling is no longer required.
The new label is an abc three wave correction and the subwaves of each have been included. The breakout of price outside of the upper white line of the wedge has solidly altered the directon from down to now up. This breakout could be the resumption of the original trend.
The onset of an impulse is clear and what needs to happen is for price to remain above and outside the triangle as then this will make it decisive. Waves 1 and 2 are complete and wave 3 could be well on its way. BTS is lagging BItcoin as just about all Altcoins are and it was this way during the July and Sept corrections last year. This again confirms the Network Effect dominance of Bitcoin. I have yet to identify any coin with inverse correlation to Bitcoin. Once the first five waves are complete, a minor correction can be expected. Let's see how the weekend takes BTS price; but for now, I've placed the wave 5 target to $0.475
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