Elliott Wave Analysis - Possible BTC Correction Path & Target(s)
Various Elliot Wave counts have a high probability that Wave III completed just short of the 3000 level. After the completion of a major leg, a correction ensues to retrace a portion of the entire move. The correction can form various patterns, though a Zig-Zag or A-B-C correction is a high probability. Wave A corrected from 2980 to 2121. Wave B countered retracing back up to 2789. The Wave C correction should equal at least the full distance of Wave A. 2980-2121=859. Subtracting 859 from the B Wave high at 2789, results in a target of 1930, which also approximates a 38.2% retracement of the entire Wave III rise. The Wave C correction could extend to 1.618 of Wave, but this is a lower probability. Breaking key support near 2460, puts the Wave A low of 2121 as an initial target. Then a bounce before the target 1900-1930 levels are in play.
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.