The Bigger Picture
Updated
We are currently seeing market sentiment (at least on TV and Twitter) change by the hour from #moon to #rekt everytime the prices moves in either direction. In times of uncertainty (which is most of the time) it often helps to look at the bigger picture and trying to make sense of what is going on.
The BTC chart above is my current primary EW count as I see it unfold, the 8100 to 7500 area seems a likely target with strong support right now, the big question then will be if this level #hodls, if not we are likely to revisit at least 6666, but that's like trying to predict the weather in two weeks, not gonna happen.
Short term I lean bearish, but I can imagine a bounce at the above mentioned levels, if any of them #hodls and bounces, the longer term uptrend can still be considered valid, at least in my opinion (ah, yes, and this is not investment advice, you'll get #rekt if you blindly follow others ideas!).
Question to the audience: Does anybody have good examples or experience with WXYXZ corrective waves where the Z wave is truncated (a.k.a. shorter than the Y wave)? Is that a possibility or do we have to give the possibility of a Z wave that goes lower than the Y a higher probability and therefore adjust the target lower?
The BTC chart above is my current primary EW count as I see it unfold, the 8100 to 7500 area seems a likely target with strong support right now, the big question then will be if this level #hodls, if not we are likely to revisit at least 6666, but that's like trying to predict the weather in two weeks, not gonna happen.
Short term I lean bearish, but I can imagine a bounce at the above mentioned levels, if any of them #hodls and bounces, the longer term uptrend can still be considered valid, at least in my opinion (ah, yes, and this is not investment advice, you'll get #rekt if you blindly follow others ideas!).
Question to the audience: Does anybody have good examples or experience with WXYXZ corrective waves where the Z wave is truncated (a.k.a. shorter than the Y wave)? Is that a possibility or do we have to give the possibility of a Z wave that goes lower than the Y a higher probability and therefore adjust the target lower?
Note
Regarding the Z-wave being shorter than the Y wave: I do now believe it would not be considered a Z-wave if its not going below the Y-wave, can somebody confirm that?Note
That last wave has been spot on in regards of timing and price (at least for now)...Note
Probably wrong wave labeling, I don't think it can be called a Z as long as it is higher than the Y...what that implies should be clear...I currently see us re-visit somewhere between 3.3k and 4.8k, too early to tell yet.
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