Bitcoin BTC might still be corrective after all #2
According to Elliott Wave theory:
Fibonacci Ratio Relationship
• Wave B = 50%, 61.8%, 76.4% or 85.4% of wave A
• Wave C = 61.8%, 100%, or 123.6% of wave A
• If wave C = 161.8% of wave A, wave C can be a wave 3 of a 5 waves impulse. Thus, one way to label between ABC and impulse is whether the third swing has extension or not
It worked out just fine for our orange B wave inside the bigger B, so let's hope it works this time as well for our big B wave.
Of course there is a perfectly viable bullish alternative count, I'm just placing my bet on this one as I cannot seem to agree that the corrective structure might be finshed by now at a bottom of 8400, that just feels to easy for the bulls out there...
Fibonacci Ratio Relationship
• Wave B = 50%, 61.8%, 76.4% or 85.4% of wave A
• Wave C = 61.8%, 100%, or 123.6% of wave A
• If wave C = 161.8% of wave A, wave C can be a wave 3 of a 5 waves impulse. Thus, one way to label between ABC and impulse is whether the third swing has extension or not
It worked out just fine for our orange B wave inside the bigger B, so let's hope it works this time as well for our big B wave.
Of course there is a perfectly viable bullish alternative count, I'm just placing my bet on this one as I cannot seem to agree that the corrective structure might be finshed by now at a bottom of 8400, that just feels to easy for the bulls out there...
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