Update to my Elliott based Idea for a correction.
Updated
BTC keeps escaping my "correction ideas". This time, however, it did so with very low volume.
On top of that the Pi Cycle Top indicator (green line crossing the orange line - cross marked with the red X) is predicting a local TOP.
I'm looking at up to 68k before the correction takes place.
From the Wyckoff's perspective, this could also be a UTAD structure (a kind of big institutional fake-out) to feed the move down (eating longs and stop-losses on its way down).
That or we have witnessed a really shallow corrective weekly 4th (with potential for significant move up), that low volume though...
What do you guys think about the diagonal 5th?
On top of that the Pi Cycle Top indicator (green line crossing the orange line - cross marked with the red X) is predicting a local TOP.
I'm looking at up to 68k before the correction takes place.
From the Wyckoff's perspective, this could also be a UTAD structure (a kind of big institutional fake-out) to feed the move down (eating longs and stop-losses on its way down).
That or we have witnessed a really shallow corrective weekly 4th (with potential for significant move up), that low volume though...
What do you guys think about the diagonal 5th?
Trade closed: target reached
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