BCH-BREAKOUT-EXTENDING 5TH for BITFINEX:BCHUSD by FibMarketWatch

BCH-BREAKOUT-EXTENDING 5TH

BITFINEX:BCHUSD has formed a sub-wave at a significant low (Reflex Point).

Correction looks to be ending.

Wave 1 looks to be extending...

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sub-wave 2 Retrace is weak...

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Note Red Trendline: Wave 1 top to Wave 3 top

The 5th impulse wave traveled above the channel which hints that it is and extending higher degree wave 1

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Let's see how high we get here.

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Primary Waves 1-4

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SQUEEZE

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Any second now...

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Note: Sub-wave 5 extended = highly likely higher degree 5th wave will extend

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Next Correction will be worse and longer than correction waves 2 and 4.

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As predicted sub-wave 1 is extending...

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Near-Term Target $591

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2/3 Impulse Waves tend to near equality.

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A LOT OF STOPS ARE GOING TO GO OFF SHORTLY...

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Here come the stops being triggered....

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Stops triggered quick sell off and now they have to cover and buy back because they realize it’s not going lower...

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Stops all done? Time to cover?

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Analysis has not changed...

Still anticipating an extending sub-wave 1 and higher degree extended 5th...

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Complex Correction: Double ZigZag

You will also be able to make forecasts for price levels even as a move is unfolding. For example, Wave C was related to Wave A in each of the two sets of zigzags.

If you were trading these waves, you would have been able to apply the guidelines for forecasting a fifth wave of an impulse when dealing with Wave C.

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Every now and then, just when you think the markets have completed one of these corrections, you will see a pause, and another round of corrective moves taking place. What you then get is a complex correction, which is basically a combination of two or more of these patterns.

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Coming back to the double zigzag, you will remember that a zigzag has 5-3-5 as its internal waves. So a double zigzag will have 5-3-5 in its first set and another 5-3-5 in its second set . The intervening X wave is usually made up of 3 waves.

Ramakrishnan, Ramki N.. Five Waves to Financial Freedom: Learn Elliott Wave Analysis (Kindle Locations 700-702). Kindle Edition.

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Notice that there was same number of pips to be made in the reaction downwards.

Notice the same retrace levels...

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We should be going up anytime now unless we have another correction sequence.

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Corrected C Wave sub-waves...

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Waves can fail...I stand by my analysis.

If that occurs have a stop under the beginning of sub-wave 1.

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Sub-wave 1 beginning $507.10

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It’s up to you on how tight of a stop you want to place

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Primary wave 4 bottom was $505.25. Stops should be placed under that level.

STOP: $505-$500

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Don't let your emotion get the best of you...

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We got this...

Correction will be ending...

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Multi-Time frame RSI: Short-time frame reading high strength...

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I use numerous indicators to confirm Wave Bottoms and Tops...

Volume is probably the most important.

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Above: Volume Profile is extremely useful...

This shows where there are and aren't buyers for a security.

POC-Point of Control

VALow- Value Area - Blue

VAHigh-Value Area - Blue

VolumeProfile

Description

The Volume Profile study represents trading activity over a time period at specified price levels. Considering the input-defined aggregation period, the Volume Profile plots a histogram showing price distribution, revealing the dominant price values in terms of volume. The width of histogram's row represents the number of actual transactions made within the price interval defined by the row's height.

The longest row of the Volume Profile defines the price level at which the highest number of real transactions were made during the specified time period; this level is called Point Of Control (POC). If there are several equally long rows that fit this description, the system chooses the closest to the price mid-range. Should the rows be equidistant from the mid-range, the system recognizes the lower one as the Point Of Control. By default, the price range surrounding the POC level where 70% of the trading activity took place for the specified time period is Value Area (note that the percentage is customizable within the "value area percent" input parameter).

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How to use Volume Profile = Shows support/resistance

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Buckle up!

-AB

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S-Wave Extending 3rd

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Levels

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$551 Points our at me...

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REMINDER: It’s impossible to know what level extending waves will end!

when you are expecting a substantial rally, you should be on the alert for a move above the top of the shortest Wave 3 to buy a large amount at once because what just finished there was potentially the first wave within a much bigger wave three, a prime candidate for extension. Being able to spot these situations can make you very rich

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This is going to be a hell of a move....

Longer the consolidation the bigger the move...

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I know I posted this already but it is a good reminder...

Elliot’s Diagonal Triangle:

According to Elliott, diagonal triangles are often found as Wave 4 in situations when the upcoming fifth wave was likely to extend. The third wave would have traveled a considerable distance in a short space of time, and the diagonal triangle itself would appear sloping in the direction of the major trend. For example, in an uptrend, the ending point of the fourth wave diagonal triangle will be near or even above the top of the third wave. Then all of a sudden, when the ‘e’ wave of the triangle is finished, price will break even higher and the fifth wave will race upwards. This type of a price action is often seen in the 1-minute chart.

But a more reliable pattern occurs when the diagonal triangle occurs either in Wave A position or Wave C position. When it occurs in Wave A position, it becomes a leading diagonal triangle, and when it occurs at the Wave C position, it is an ending diagonal triangle. When it is a leading diagonal triangle, the internal waves are made up of 5-3-5-3-5 sub waves. However, when it is in wave C position, the internal waves are 3-3-3-3-3.

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Leading...

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Breakout imminent....

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Please feel free to ask questions...

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Perfect example of a FLAT correction (3-3-5).

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Now, STOPS-BUYS

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Reminder:

1. We are ending a HIGHER DEGREE 2nd Wave.
2. We are begging a HIGHER DEGREE 3rd Wave.

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Excuse auto-type*

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Note Volume.

Higher Degree Wave 1 & 2

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LEVEL GUIDE

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Yawn....

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Stay the course...

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Up, Up, and Away!

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T-minus 1HR...

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*A Wave should have been placed a few bars back at around $520.

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Tug-o-war...

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FINALLY!

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Targets: Level 1 - 1.618

I'm going to open a new idea thread. This one is getting to long.

Cheers,

-AB

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Trade closed: target reached

FibMarketWatch

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