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Good Tuesday Morning, MPTraders! October 21, 2025-- Pre-Market Update:-- 11 Calendar Days until November 1st, which is President Trump's deadline for imposition an additional 100% tariff on Chinese imports if no progress is made on the trade negotiations. The threat notwithstanding, POTUS and Chinese President Xi are supposed to meet next week before the Nov. 1st deadline...-- At 3 PM ET, Treasury Secretary Bessent gives a speech that may inform us about the Administration's current thinking and playbook in its trade talks with China...-- Today is day #21 of the Government shutdown...-- NFLX reports Earnings after today's close...
On September 8th, I wrote the second article in this series, suggesting that COIN had likely put in an important high and begun a substantial correction. That correction could last for a year or more and, in an extreme case, correct its price by as much as 80%.Since that article, COIN has run higher — but not unexpectedly. I was looking for a B-wave rally. In Elliott Wave parlance, a B wave is the wave that briefly reverses or corrects an ongoing, larger-degree correction. They are usually three-wave structures, and sometimes triangles.
With the market hovering just below the 1.236 extension of yellow waves (1)(2), there are several options I will outline.I will start with what I view as the primary count presented in yellow. This suggests we are in the c-wave of wave 5, and as long as we hold over the pivot in a corrective fashion, I will maintain this as my primary and look for the next move to the 6845ES region to complete wave (3).Of course, I have to reasonably track two alternatives. First, since we have rallied to the 1.
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