On 30-minute chart, zooming in on the earlier general forecast which saw the Cup & Handle formation and Descending Triangle if breakout fails.
Overall chart is still in the bear channel and therefore some key resistance areas where the downward resistance of the 0.618 Fib and 1.0 Fib on the Channel (Pitchfork Tool - refer to previous post) are indicated as the three white circles.
The bottom of the WXYZ of the wave that had earlier broke out of a failed bullish impulse that broke the 2-month downward resistance which also happened to be the 0.618 Fib on the Channel is now well-established and the chart shall give it another go
towards the upper limits of the main channel.
The sooner it reaches the breakout point (around 11000-12000) the higher it needs to go, or the later the breakout the lower is market value (between 7350 - 10260) as the graph is trending in a downward channel.
Note : If those key resistances are not broken, then the chart will make a reversal back towards the median of the main channel where the 0.50 Fib Retracement of the Major 5-Wave sits at 10260 and 0.618 Fib at 7960.
The RED ARROWS form the HARD SUPPORT/FLOOR for the Descending Triangle at 7350 (0.65 Fib).
Overall chart is still in the bear channel and therefore some key resistance areas where the downward resistance of the 0.618 Fib and 1.0 Fib on the Channel (Pitchfork Tool - refer to previous post) are indicated as the three white circles.
The bottom of the WXYZ of the wave that had earlier broke out of a failed bullish impulse that broke the 2-month downward resistance which also happened to be the 0.618 Fib on the Channel is now well-established and the chart shall give it another go
towards the upper limits of the main channel.
The sooner it reaches the breakout point (around 11000-12000) the higher it needs to go, or the later the breakout the lower is market value (between 7350 - 10260) as the graph is trending in a downward channel.
Note : If those key resistances are not broken, then the chart will make a reversal back towards the median of the main channel where the 0.50 Fib Retracement of the Major 5-Wave sits at 10260 and 0.618 Fib at 7960.
The RED ARROWS form the HARD SUPPORT/FLOOR for the Descending Triangle at 7350 (0.65 Fib).
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End of Week 2 - today and tomorrow is decisive
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IT IS NOW CONFIRMED THAT THE 5-WAVE IS A FAILED IMPULSE (THIS IS SUPPOSED TO BE THE LARGER WAVE-1) ELLIOT RECOUNT AS FOLLOWS
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61.8% Fib Retracement (BTC Index=USD8000) as target for support buy
评论:
Hard Support expected for a rebounce for Descending Triangle chart formation
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Still going according to forecast