BitcoinLong
BTCUSD - ELLIOTT WAVE 4H
THIS IS NOT A TRADING ADVICE!!!
In my opinion 1st leg of a motive wave from B to C is still forming. As per above chart a subwave has already formed and we are now in correction stage at this subwave. My expected path is shown in turquoise.
I believe that december 2018 bottom is B point of an ABC formation. Based on this count, june 2019 top point is wave I of a 12345 motive wave which forms upper C leg. My C target is around 24000$.
My assumption of turning point was correct (turned just below my target area) however timing was wrong. I believed that october 2019 move was first lower leg (12345) of C leg. Unfortunately december 2019 bottom proves it was wrong.
In weekly view formation and long term targets are shown, MACD shows why my previous assumption was wrong and why possibility of current setup is high.
Daily view is shown below
In my opinion 1st leg of a motive wave from B to C is still forming. As per above chart a subwave has already formed and we are now in correction stage at this subwave. My expected path is shown in turquoise.
I believe that december 2018 bottom is B point of an ABC formation. Based on this count, june 2019 top point is wave I of a 12345 motive wave which forms upper C leg. My C target is around 24000$.
My assumption of turning point was correct (turned just below my target area) however timing was wrong. I believed that october 2019 move was first lower leg (12345) of C leg. Unfortunately december 2019 bottom proves it was wrong.
In weekly view formation and long term targets are shown, MACD shows why my previous assumption was wrong and why possibility of current setup is high.
Daily view is shown below
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