We are on Wave 4!
Updated
Dear fellow traders, just wanted to get out some food for thought, after lots of thinking, recounting waves, considering a lot of input from all over the internet, I came to the count shown on the chart as my current primary count, there is of course always an alternative scenario, but the longer we are continuing in this correction mode, the more I doubt that we are on an impulse move up...
After finishing wave 4 of the current 5 wave structure (which is a C leg of a bigger correction), we might head down as far as 6100 (depending on panic selling), but my primary target is around 6800. Good luck and #BTFD!
After finishing wave 4 of the current 5 wave structure (which is a C leg of a bigger correction), we might head down as far as 6100 (depending on panic selling), but my primary target is around 6800. Good luck and #BTFD!
Note
The Problem here is that we retraced too much into Wave 1 territory, ok, we can say it was a rising wedge that broke and therefore it is ok, but I somehow don't feel comfortable with that violation of EW rules and therefore I have to refer to my "BTC: 2 Possible Paths" idea which suggests that we might just have finished a wave 2 and not a wave 4, that also suggest that there will be 2 more waves down...currently working on 3 with same target as the wave 5 in this idea, e.g. somewhere down at 6800, possibly 6100 (with panic setting in), but then it could be that we go down further into the 3-4k region...
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