Long term Elliot wave structure:
Primary degree = Orange
Intermediate degree = Purple
Minor degree = Light Blue
It appears that price is currently completing the 7th of 13 minor waves within the primary B wave:
en.wikipedia.org/wiki/Elliott_wave_principle
Pale blue Fibonacci retracement placed with 0 at $20,000 and 1 at $1,000.
Pale blue Fibonacci speed resistance fan placed with 0 at $20,000 above ATH, and 0 at $1,000 in mid July.
Orange Fibonacci retracement placed with 1 at $0 and 0 at $14,500.
Dark blue vertical Fibonacci time zones placed with 0 and 1 at the initiation of minor waves 3 and 5, respectively.
Minor waves 1-2 and 3-4 were complex, indicating that wave 5 is likely to be simple, according to the rule of alternation.
Primary degree = Orange
Intermediate degree = Purple
Minor degree = Light Blue
It appears that price is currently completing the 7th of 13 minor waves within the primary B wave:
en.wikipedia.org/wiki/Elliott_wave_principle
Pale blue Fibonacci retracement placed with 0 at $20,000 and 1 at $1,000.
Pale blue Fibonacci speed resistance fan placed with 0 at $20,000 above ATH, and 0 at $1,000 in mid July.
Orange Fibonacci retracement placed with 1 at $0 and 0 at $14,500.
Dark blue vertical Fibonacci time zones placed with 0 and 1 at the initiation of minor waves 3 and 5, respectively.
Minor waves 1-2 and 3-4 were complex, indicating that wave 5 is likely to be simple, according to the rule of alternation.
Note
Minute degree EW count (dark blue) suggests further downside in a 5th wave before beginning the Minor B wave (light blue). Measurement of 1 and 3 waves show potential support on orange 0.382 fib. This would allow price to breach liquidity pool below 9K.
Note
Minute wave could reach the 0.618 fib (pale blue) and daily 77 SMA (orange) at $8300. Could occur tomorrow (Sunday 7th)Note
Intermediate degree prediction (purple) unchanged. Minor degree prediction (light blue) adjusted.
Note
Volume does not support IHS and wave pattern is unusual, but everything else lines up with a target of 13647 by around the end of the week Note
wave 1 and 3 were complex (both were made of two smaller waves), which means that 5 should be simple (just one wave). However I think that the B wave is going to be complex, which is why it has defied traditional EW formation so far.If this is correct, then we have seen the end of the single wave 5, but there is still a second B wave to go. I don't believe this second B wave is likely to break above the top of the 5 wave, but I think it is likely to break above the previous B wave.
Note
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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.