Wave Degree Rule 1: Wave 2 cannot retrace more than 100% of Wave 1. Rule 2: Wave 3 can never be the shortest of the three impulse waves. Rule 3: Wave 4 can never overlap Wave 1.
if one of these rules break elliot wave is off the table.
Relation Between Fibonacci and Elliott Wave Theory • Wave 2 is typically 50%, 61.8%, 76.4%, or 85.4% of wave 1 • Wave 3 is typically 161.8%, 200%, 261.8%, or 323.6% of wave 1 • Wave 4 is typically 14.6%, 23.6%, or 38.2% of wave 3 • Wave 5 is typically 61.8%, 100%, or 123.6% of wave 1 • There are three different ways to measure wave 5. First, wave 5 is 61.8%, 100%, or 123.6% of wave 1. Second, wave 5 can be measured as 23.6%, 50%, or 61.8% external retracement of wave 4. Third, wave 5 is 61.8% of wave 1-3
Where are we at? According to Elliot Wave with different time intervals we definitely are in wave 4. See the intervals below.
Daily chart
4 hour chart
1 hour chart
Since BCHUSD made a very sharp correction we can conclude that reversal of wave 5 ''probably'' is gonna go sideways up. Now whether you should go ''long'' is completely your choice.
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BCHUSD at critical range. going below the current wave 4 could lead to heavy bear activity. if not it could be double bottom setup, maybe a setup for another weekend pump.