Hi fellow traders
I have placed an arrow on the oscillator where I can ascertain where we are progressing relative to the the previous wave 4 of the first primary A corrective wave. My fibs I believe are now more accurate and I have placed them over the corresponding waves.
Oscillator wave count showing one more wave down to go.
Elliott wave update. We are currently trading a triangle formation. This can only be a 4 or b corrective wave. Looking at the TA I have indicated it as a wave 4. We can move up to the trend line at around 7300 before starting the final wave 5 down to a target around $5000. It could very well overshoot to 4800. The bigger picture indicates we are inside a descending wedge. The descending wedge is a continuation pattern, therefore I am expecting the bounce of continuation from this level will be significant taking BTC back up.
I have extrapolated the finish of wave 5 around the 19th of April.
Education only, not trading advice.
Chur
I have placed an arrow on the oscillator where I can ascertain where we are progressing relative to the the previous wave 4 of the first primary A corrective wave. My fibs I believe are now more accurate and I have placed them over the corresponding waves.
Oscillator wave count showing one more wave down to go.
Elliott wave update. We are currently trading a triangle formation. This can only be a 4 or b corrective wave. Looking at the TA I have indicated it as a wave 4. We can move up to the trend line at around 7300 before starting the final wave 5 down to a target around $5000. It could very well overshoot to 4800. The bigger picture indicates we are inside a descending wedge. The descending wedge is a continuation pattern, therefore I am expecting the bounce of continuation from this level will be significant taking BTC back up.
I have extrapolated the finish of wave 5 around the 19th of April.
Education only, not trading advice.
Chur
