BTC Corrections
Typically, according to the Elliott's Wave Theory, wave 4 corrects to the correction level of the 4th wave of a lesser degree. We should reach the level of previous correction (it was the 4th wave of the 3rd wave).
Wave 4 is also known to correct to around 50% (0.5 Fib level is exactly at the point of previous 4th wave correction).
Corrections also tend to stop at either the base channel (white channel) of wave 1, or on its center line.
Additionally, most previous corrections respected all these rules.
I believe it can reach the bottom of the previous correction (around 30k).
It would be against the Elliott's theory if it retraced beneath 12k (the end of wave 1).
It's just a tip, not financial advice. I'm a rookie, still! Take it with a spoon of salt.
Wave 4 is also known to correct to around 50% (0.5 Fib level is exactly at the point of previous 4th wave correction).
Corrections also tend to stop at either the base channel (white channel) of wave 1, or on its center line.
Additionally, most previous corrections respected all these rules.
I believe it can reach the bottom of the previous correction (around 30k).
It would be against the Elliott's theory if it retraced beneath 12k (the end of wave 1).
It's just a tip, not financial advice. I'm a rookie, still! Take it with a spoon of salt.
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