Elliott and Fibonacci
Updated
- Wave 4 usually retraces to the level of the lesser degree 4th wave correction (gray line)
- Wave 4 usually retraces to the three fib levels selected
- We are witnessing the 4th wave of the cycle, because we have just completed the 5th wave of the 3rd wave of this cycle.
Can the big bucks and institutions soften this correction?
They did so with the last one IMO, and it was the smallest correction that was still legit under the Elliott´s theory. If this were to happen again, the orange level should at least be touched. A healthy correction to the yellow level is possible too.
Nobody knows. set your objectives right and stick to the plan. And remember: the following wave is going to be the cycle wave 5. These tend to be the most explosive in extreme commodities (like BTC). There will, however, be a brutal end to that ride. Monitor this moment closely. It´s likely to be violent and afterwards correct lower than anyone of us expects.
May Satoshi be with you!
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The most recent pump seems more like a retracement of the correction to be honest. I'm still waiting for that 40k bounce. Fundamentals strongly support the shallower version of this correction (30k area seems unlikely). Institutions are supposedly buying BTC even at 50k.Note
The daily 5th wave actually reached the 64k level so the 4th wave is in play right nowOrder cancelled
The targets have shifted and the fib retracement should now be taken from the top at around 64k
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