BitcoinLong
Elliott Wave take on the current run and the TARGET zone
I'm gonna take the 27th of February as the beginning of WAVE 1 and the lows of 25th of April as the end of WAVE 2 just were the #2 is. If we draw a Fibonacci Extension between points 0, 1 and 2 we're getting the cyan 1.618 at $8176 and purple 2.618 at $10145. Notice how the WAVE 3 stopped exactly at the 1.618 extension.
Now if we draw another extension between points 2, 3 and 4 we are getting the white 1 to 1 extension at $9577.
Some rules now, if the WAVE 2 retraces only a little bit between 0.236 and 0.382 then the WAVE 4 retraces much more between 0.5 and 0.618 and this is exactly what happened, as you can see the green 0.382 Fibonacci Retracement which is drawn between points 0 and 1 is quite close to where the price retraced. This in turn has made the WAVE 4 to retrace much more and in fact it did right to the Fib 0.618 drawn between points 2 and 3. Granted it was a flash crash but stil worked out.
Now both extensions I mentioned earlier create a potential target zone for the end of the WAVE 5 which is marked as this pink box.
Credit for all these rules and this style of using Elliott Wave goes to guy with a nickname philakone, I didn't make up this shit, it's exactly as he was teaching it some year or more ago on twitter. So if EW plays out it should make up to the target zone.
Now if we draw another extension between points 2, 3 and 4 we are getting the white 1 to 1 extension at $9577.
Some rules now, if the WAVE 2 retraces only a little bit between 0.236 and 0.382 then the WAVE 4 retraces much more between 0.5 and 0.618 and this is exactly what happened, as you can see the green 0.382 Fibonacci Retracement which is drawn between points 0 and 1 is quite close to where the price retraced. This in turn has made the WAVE 4 to retrace much more and in fact it did right to the Fib 0.618 drawn between points 2 and 3. Granted it was a flash crash but stil worked out.
Now both extensions I mentioned earlier create a potential target zone for the end of the WAVE 5 which is marked as this pink box.
Credit for all these rules and this style of using Elliott Wave goes to guy with a nickname philakone, I didn't make up this shit, it's exactly as he was teaching it some year or more ago on twitter. So if EW plays out it should make up to the target zone.
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