BTCUSD retrace watch: Bitcoin to correct and test 3700 ?
Updated
We have completed a vigorour 5 wave impulse, and awaiting the requisite correction.
The first leg down was a typical ABC correction, but it was not deep enough.
The bounce from that ABC did seem to be valid until it faded out at a lower high.
MORE IMPORTANLY, the bounce did NOT show 'impulsive' type behaviour.
The most common ABC correction to a 12345 is for wC to reach the w4 zone.
OR, if a WXYXZ correction that I am imaging, the wZ should test the w4 zone.
The path to get there is hard to say, but I am pretty confident we will test 3700-3800.
Lets see how this plays out.
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Background:
This is a continuation of my calculations to find the 'bottom' and consider whether it will go any lower or not.
First I saw 3618 and 3303 on CoinBase as important which had been on my charts for over 6 months:
Getting closer, I started to see a bigger picture of a 5 wave impulse that started with the 7400 drop:
As it bounced, 4425 came into focus as the big hurdle:
Zooming back out to the original large 5 wave impulse, targets were in sight again:
Then we had a strong bounce with perfect 12345, which I expected to top at 3800-3900
As the bounce progressed, the first retrace came into sight
Now I think we have completed the impulse up, and need a more serious correction to wave 4 going up
The first leg down was a typical ABC correction, but it was not deep enough.
The bounce from that ABC did seem to be valid until it faded out at a lower high.
MORE IMPORTANLY, the bounce did NOT show 'impulsive' type behaviour.
The most common ABC correction to a 12345 is for wC to reach the w4 zone.
OR, if a WXYXZ correction that I am imaging, the wZ should test the w4 zone.
The path to get there is hard to say, but I am pretty confident we will test 3700-3800.
Lets see how this plays out.
.
.
Background:
This is a continuation of my calculations to find the 'bottom' and consider whether it will go any lower or not.
First I saw 3618 and 3303 on CoinBase as important which had been on my charts for over 6 months:
Getting closer, I started to see a bigger picture of a 5 wave impulse that started with the 7400 drop:
As it bounced, 4425 came into focus as the big hurdle:
Zooming back out to the original large 5 wave impulse, targets were in sight again:
Then we had a strong bounce with perfect 12345, which I expected to top at 3800-3900
As the bounce progressed, the first retrace came into sight
Now I think we have completed the impulse up, and need a more serious correction to wave 4 going up
Comment
Here we are, at the first possible bounce point .
Comment
Zone is still holding, maybe wave X is going to go up soon 
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