Coinbase Update: Wave iii target hit; Is iv already done?Technically speaking, we have a 3-wave move off the $150.35 high. The MACD on the 15min chart came down and is hovering above the zero line. The 3min MACD appears to be gaining strength for an upward movement. These all point to wave iv being done already and us heading higher again tomorrow to start wave v of (i).
Looking at the 3min micro chart though, MACD made a bottom on the $145.80 low. This suggests there is further downside coming up. Not to mention the wave ii was very shallow and short, meaning for the alternation theory to remain intact, iv should be deep and long. A standard wave iv should cause price to lower again tomorrow into the target box for a mini-wave c.
Either way, rather iv is done or not, both counts point to the larger box to finish out wave v of (i). After wave (i) is finished I expect us to make a 3-wave retrace for wave (ii). Until this current move higher finishes though, I can't give accurate targets for the retrace down. As of now this trade is up almost 24%. Not too bad for 4 trading days, eh? Until tomorrow....
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
