Traveling an ascending channel creating a fifth wave
Updated
Nice ascending channel thats following mid trade trade line nicely.
Mid trade line can be used to see where key resistance/support can be tested.
Suspecting we are following a third leg up in a Kondratieff wave.
Creating a fifth ascending elliot wave and possibly creating a first larger ascending wave.
We could see the fifth wave touch the top of the channel at $12-13k or higher before seeing a descending reversal pattern.
Mid trade line can be used to see where key resistance/support can be tested.
Suspecting we are following a third leg up in a Kondratieff wave.
Creating a fifth ascending elliot wave and possibly creating a first larger ascending wave.
We could see the fifth wave touch the top of the channel at $12-13k or higher before seeing a descending reversal pattern.
Comment
traveling up the mid trend line nicely.Should know soon if we cross below it or if it remains a support line.
Comment
Staying above the mid trend lineEstimated EW pattern holding support
Comment
$11200 support stopped the initial bleeding. Could be the end of an up trend.1 hour RSI and MACD seem bearish. Maybe we continue upward below the mid channel for a bit or maybe we are seeing a pivot. Pretty dramatic but still within ascending channel.
Comment
Failed wave. Could be a pivotComment
Its possible we have a 7 wave count. Im learning.Comment
Looks like wave 2 of a larger waveComment
Possible end of correction wave. Should know soon. Still could be bearish as descent was steep
Comment
Seems the correction wave ended and we are seeing a tight channel for now.
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.