that's right, as the title says; i think we're going to 53k.
before you say "but elo, wave 1 and 4 can't overlap"
read the rules of an ending diagonal 👇
---
so Wave C is playing out as an ending diagonal
which gives us the final fifth leg closer to 53k,
completing a near perfect mean retracement.
once this 53k target is met, bitcorn will drop 50%+ (keep this in mind).
refer to my macro count for more context 🔻
------
wave 4 of wave c = 41k
wave 5 of wave c = 53k
before you say "but elo, wave 1 and 4 can't overlap"
read the rules of an ending diagonal 👇
---
so Wave C is playing out as an ending diagonal
which gives us the final fifth leg closer to 53k,
completing a near perfect mean retracement.
once this 53k target is met, bitcorn will drop 50%+ (keep this in mind).
refer to my macro count for more context 🔻
------
wave 4 of wave c = 41k
wave 5 of wave c = 53k
Note
To all the ewt enthusiasts out there; here's another way of counting this structure.Different approach, same result.
Note
flat vibes. if this plays, downside target moves to 41k, and the ending diag gets tossed.luckily, the count i shared above is still at play.
Order cancelled
This idea has been pretty much invalidated; refer to the update for more context
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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.