This is an update to my previous short term plot linked below.
I was originally looking for a 12345 impulse to take price up to the 3700 range.
But instead that leg up turned out to be an ABC or a truncated 5.
However, the last leg down does NOT look like an impulse, but more like correction.
Thus my theory of a possible ABCDE, and the trendlines line up nicely for that scenario.
So this abcde could make for a wave 4, in preperpation for one more leg down in wave 5 to come.
My last short term plot:
.
.
.
.
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 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 4 wave impulse that started with the 7400 drop:
As it bounced, 4425 came into focus as the big hurdle:
After it topped at 4425, a rising wedge combined with EW waves pointed to a serious pullback:
So now zooming back out to the original large 5 wave impulse, targets are in sight again:
I was originally looking for a 12345 impulse to take price up to the 3700 range.
But instead that leg up turned out to be an ABC or a truncated 5.
However, the last leg down does NOT look like an impulse, but more like correction.
Thus my theory of a possible ABCDE, and the trendlines line up nicely for that scenario.
So this abcde could make for a wave 4, in preperpation for one more leg down in wave 5 to come.
My last short term plot:
.
.
.
.
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 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 4 wave impulse that started with the 7400 drop:
As it bounced, 4425 came into focus as the big hurdle:
After it topped at 4425, a rising wedge combined with EW waves pointed to a serious pullback:
So now zooming back out to the original large 5 wave impulse, targets are in sight again:
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.