Into 5th Wave Extension Territory! Bull Market Waking Up!
BNB is going parabolic, this price action is an unusual elliot wave called an extended 5th or 5th wave extension. It's a statistical anomaly and happens so infrequently that usually you would have expected an ABC correction around the 1.618 region by now.
I'm really excited to see this because it validates the idea that we're at the cusp of a giant bull market. Yesterday I had been planning on shorting BNB on the failure of the 5th wave but the count showed it was likely to continue and I scalped it long for a nice one day trade, shown in attached chart.
I am not going to chase it here and I am not going to stand in front of the train either. I've got most of my long term accounts topped off so I really don't need to do anything.
For shorter term trading I will wait for a consolidation phase and then do another count. No need to force trades especially when the market is starting to act a little unusual.
I'm really excited to see this because it validates the idea that we're at the cusp of a giant bull market. Yesterday I had been planning on shorting BNB on the failure of the 5th wave but the count showed it was likely to continue and I scalped it long for a nice one day trade, shown in attached chart.
I am not going to chase it here and I am not going to stand in front of the train either. I've got most of my long term accounts topped off so I really don't need to do anything.
For shorter term trading I will wait for a consolidation phase and then do another count. No need to force trades especially when the market is starting to act a little unusual.
