Wave 3 of 3 of C of 2, and maybe truncated 5th to start 4 of C?
It looks like we might now be on the third subwave of wave 3 of C of this correction, assuming it is an ABC correction for wave 2 of the higher degree uptrend. If so, we should see a strong bounce around 7800 and then sideways for a while for wave 4, before continuing on to wave 5.
I think we might see a truncated 5th on this current 3rd wave down to start wave 4 on the higher degree. BTC seems to like truncated 5ths lately, and this would bring wave 3 of C to 1.618 of wave 1 of C.
I'm new to Elliot Wave analysis so excuse my ineptitude and please let me know if you notice any formation rules or guidelines I am overlooking here. Thanks!
I've been making new ideas to update my outlook as this correction has proceeded, and I've linked my old ones. Some of them have been off by a bit but the overall trend seems to be holding.
I'm short until at least 7800 and then cautiously waiting to see how far we go past there.
*edit*
Here's an alternative count:
I think we might see a truncated 5th on this current 3rd wave down to start wave 4 on the higher degree. BTC seems to like truncated 5ths lately, and this would bring wave 3 of C to 1.618 of wave 1 of C.
I'm new to Elliot Wave analysis so excuse my ineptitude and please let me know if you notice any formation rules or guidelines I am overlooking here. Thanks!
I've been making new ideas to update my outlook as this correction has proceeded, and I've linked my old ones. Some of them have been off by a bit but the overall trend seems to be holding.
I'm short until at least 7800 and then cautiously waiting to see how far we go past there.
*edit*
Here's an alternative count:
Wave 3 stopped just above 1.618 of wave 1, so assuming this is a wave 4 we are currently in, fib projection targets for wave 5 correlate with previous support levels and Elliot Channels.