LONG BTCUSD Bullish Upside (5th Wave Before ABC Correction)Looks like the 4th wave is complete and we can most likely expect the 5th wave starting very soon!
According to Elliott Wave theory we are following these rules:
When Wave 3 is less than 1.62, the 5th Wave overextends itself.
From research, the ratio of Wave 5 will be based on the entire length from the beginning of Wave 1 to the top of Wave 3.
Now we have 3 possible outcomes for our target areas according to the Elliot Wave theory because our 3rd wave did not extend:
~80K because Extended Wave 5 = either 0.62 x length (beginning of Wave 1 to top of Wave 3) OR
~93K because Extended Wave 5 = length of (beginning of Wave 1 to top of Wave 3) OR
~116K because Extended Wave 5 = 1.62 x length of (beginning of Wave 1 to top of Wave 3)
So in the chart you can see our fib is equal to the length of 0–3. It is a projection from the end of Wave 4, meaning we added 0-3 to the end of wave 4.
After the 5th wave completes we can expect a bigger ABC correction. Be very careful buying at 80K+ after completion of wave 5. It might cost you a lot.
Our guess for now: The upcoming 5th wave will probably result in huge explosion in the NFT space, legit Crypto Gaming coins, DEFI and everything related to Metaverse.
HAPPY TRADING!
