BTC:USD WXY Correction 2013-15 & 2017-19 Comparison
Summary:
2013-2015 and 2017-2019 bear markets show a similar WXY count supported by a Schiff Pitchfork lower warning line hit and Fib Retracements confluences.
WXY Count & FIB Retracement:
Measured from the A wave of the W count, both the W wave and Y wave extend 1.272 in 2013-15 Bear Market. Similarly, measured from the A wave, both the W wave and Y wave extend 1.618 in 2017-19 Bear Market.
FIB Confluence:
In the ABC correction for the Y wave count in 2013-15 Bear Market, wave B extends .50 Fib and bottoms at the .786 extension creating a confluence at the 1.618 retracement. Similarly, in the ABC correction for the Y wave count in 2017-19 Bear Market, wave B extends .50 Fib and bottoms at a 1 to 1 extension creating a confluence at the 1.618 retracement.
Schiff Pitchfork:
The 1.272 retracement creates a confluence with the Schiff Pitchfork lower warning line (two standard deviations away from the mean). Similarly, the 1.618 retracement creates a confluence with the Schiff Pitchfork lower warning line (two standard deviations away from the mean).
Forecast:
Sideways movement to test the median line. More sideways movement to break through the median line, test it and finally break through the upper warning line, test it, find support and confirm a Bull Market Run.
Invalidation:
A rejection by the Median Line in the Schiff Pitchfork or any of the standard deviation lines or price is unable to cross and find support above 6,400 and/or cannot find support at the 200 Week Moving average as it retests it and breaks 2018 December Lows will trigger an WXYXZ correction pattern.
2013-2015 and 2017-2019 bear markets show a similar WXY count supported by a Schiff Pitchfork lower warning line hit and Fib Retracements confluences.
WXY Count & FIB Retracement:
Measured from the A wave of the W count, both the W wave and Y wave extend 1.272 in 2013-15 Bear Market. Similarly, measured from the A wave, both the W wave and Y wave extend 1.618 in 2017-19 Bear Market.
FIB Confluence:
In the ABC correction for the Y wave count in 2013-15 Bear Market, wave B extends .50 Fib and bottoms at the .786 extension creating a confluence at the 1.618 retracement. Similarly, in the ABC correction for the Y wave count in 2017-19 Bear Market, wave B extends .50 Fib and bottoms at a 1 to 1 extension creating a confluence at the 1.618 retracement.
Schiff Pitchfork:
The 1.272 retracement creates a confluence with the Schiff Pitchfork lower warning line (two standard deviations away from the mean). Similarly, the 1.618 retracement creates a confluence with the Schiff Pitchfork lower warning line (two standard deviations away from the mean).
Forecast:
Sideways movement to test the median line. More sideways movement to break through the median line, test it and finally break through the upper warning line, test it, find support and confirm a Bull Market Run.
Invalidation:
A rejection by the Median Line in the Schiff Pitchfork or any of the standard deviation lines or price is unable to cross and find support above 6,400 and/or cannot find support at the 200 Week Moving average as it retests it and breaks 2018 December Lows will trigger an WXYXZ correction pattern.
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