I have to update the Wyckoff Structure now that it developed more.
This distribution has a target that lands exactly at the 0.382 Fib Retracement level (perfect for a typical Elliott’s wave 4 correction - Yellow dotted line).
It also, so far, mimics precisely the same type of sloped distribution seen in Aug-Sep 2020 (wave 2).
I’m not sure if it can reach its target, but seeing the Pi top Cycle indicator cross (lookintobitcoin.com) is validating an even deeper drop.
This distribution has a target that lands exactly at the 0.382 Fib Retracement level (perfect for a typical Elliott’s wave 4 correction - Yellow dotted line).
It also, so far, mimics precisely the same type of sloped distribution seen in Aug-Sep 2020 (wave 2).
I’m not sure if it can reach its target, but seeing the Pi top Cycle indicator cross (lookintobitcoin.com) is validating an even deeper drop.
Trade active
Wyckoff’s Target = Fib Retracement Target for the 4th Wave = Kennedy channels’ target (the middle of the base channel) and the 21 EMA AREAHard to ignore such confluence.
Trade closed: target reached
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Related publications
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.