mhyaqoobi

mhyaqoobi Updated 

In this occasion three time frames of 1h, 4h and daily are in the same direction. In 1h wave 3 of a 5 wave Elliott trend is getting completed. To make things easy to figure out, I am to justify color codes of time frames. dark blue is 1h, hue is 4h and orange is D. As you zoom in/out you can find Elliott waves in different scales. both D and 4h are finishing...

mhyaqoobi

Retracements on bearish trend in addition to A & B correction waves show that current wave could be a classic Irregular ABC correction which has raised up to 79% of total 1-5 trend and 162% of A projection on B. will this culminate with another 1-5 bearish trend? since price has bounced from last resistance of 4044- 4060 its assumed that price is heading a bearish trend.

mhyaqoobi

According to MACD, wave 3 has been completed and W4 is ongoing. Several retracements show that price cluster of red zone is most probable destination for wave 4, albeit 0.001805 price at 2018-08-04 8:30:00 4h WANBTC candle is one of the weakest assumptions for W4 accomplishment which may lead to wave 5

mhyaqoobi

in daily time frame (orange) a long A-E Elliott correction has ended in 5750. this 4h 1-5 Elliot trend in blue may be a sign for beginning of bulls revenge.

mhyaqoobi

Since ABC correction of this Eliot wave was following 5,3,5 pattern (hue line), I was estimating wave retracements to find most probable cluster for ultimate price correction (red dotted lines) of micro wave 4. Nonetheless this recent superb pump hit the final long target abruptly and changed DT Osc. and MAC D direction additionally. I believe those preceding...

mhyaqoobi Updated 

it seems that A wave is complete so B zone is predicted. trustworthy? time will prove it. :)

mhyaqoobi

since most of ABC corrections in Eliot waves follow 5,3,5 or 3,3,5 pattern, A has just completed and B wave is forming now. there may be a consolidation around 6429.62 presumably, as some candles have been formed in that area already. by retracing-projection technique end of B is estimated about 5707.

mhyaqoobi

odds to experience drop to 7358$ is probable. that would be a good point to sell and rebuy at lower that 7032

mhyaqoobi

as it is illustrated on the chart, Elliot waves offer a correction of ABD pattern. As it is retraced, C wave may be reached to 7908 - 8153 area as its max level. If it bounced back down sell position would be reasonable. It depends on prices exit the channel or not.