Assuming that we are in Wave-5 of the larger Wave-5 of the bull cycle, it appears that an ending-diagonal Elliott-Wave is playing out.
Because Wave-3 is smaller than Wave-1, we can say that Wave-5 cannot exceed the length of Wave-3 at the 2.03T resistance, as Wave-3 may not be the smallest wave.
This aligns with the full 4.236 Fibonacci Extension target of the 2018 bear market,
I am expecting a nice rally for some coins that haven't moved yet, and then a major crash in the short to medium term.
(the 2 white lines are clones of Wave-3's length, logarithmic scale distorts the sizes)
Because Wave-3 is smaller than Wave-1, we can say that Wave-5 cannot exceed the length of Wave-3 at the 2.03T resistance, as Wave-3 may not be the smallest wave.
This aligns with the full 4.236 Fibonacci Extension target of the 2018 bear market,
I am expecting a nice rally for some coins that haven't moved yet, and then a major crash in the short to medium term.
(the 2 white lines are clones of Wave-3's length, logarithmic scale distorts the sizes)
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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.