user100000

user100000

i fixed some labels. the expanding diagonal is now wave 5 of a (not c) note: when i draw those idealised wave patterns. please ignore price levels. im just saying im expecting a corrective wave up followed by an impulse wave down

user100000

that was a very shallow b wave

user100000

wave 1 complete market is in wave 2 correction. retraced almost 61% of wave 1

user100000

wave 3 extends market is correcting now (wave 2) note: i forgot to label waves 1 and 2 of wave 3. typo on wave 5 diagonal. there should be a wave 4

user100000

Wave 5 in the commodity markets are very powerful. Since bitcoin is half commodity and half currency I believe it will follow the way of commodity markets and behave similarly during wave 5 just as it did at the 260 top. that was a wave 5 move. the 1160 top was a wave 3 so it wasn't as powerful.

user100000

going back to my previous idea. i believe the 5th wave was indeed truncated. i just cant fit any count that makes sense. expanding diagonal doesn't work because wave 3 should be longer. the larger wave 5 of C is truncated also because market didn't go beyond wave 3 (275). i expected atleast 309 which was equal to length of wave 1 this is very bullish. a truncated...

user100000

i counted wave 5 to make sure everything is in order and is indeed an impulse wave. wave 5 of 3 was extended. it had two extensions. larger and smaller degree extensions within each other.. that is unusual and quite volatile. thats why it covered a large distance of 1.618 * waves 1-3 that was similar to what happened in wave c of 4 recently but in reverse. waves...

user100000

there was over lapping between waves 1 and 4. this confirms its an ending diagonal which is helpful to us to know in advance how far wave 5 can travel since it must be shortest wave. thats quite helpful.

user100000

bear market nearly done

user100000

i still don't think it's over. i have connected 1 to 3 and 2 to 4. wave 4 doesn't seem complete. im expecting the market to overlap with 1 (above 369) and then move down towards 309. as long as both trendlines converge it qualifies as an ending diagonal. i still think we have a very good chance at touching 309. thats where wave 1 equals wave 5 on the longer term...

user100000

possible wave 5 truncated. if this is the case the move up wil be POWERFUL!

user100000

Wave 5 truncated ?!?!

user100000

i hope this looks reasonable for wave 3 of C. comments/suggest/critic welcome

user100000

wave 4 looks complete. wave 5 is in progress. the final wave down.

user100000

wave 4 looks complete. market working on final wave down. wave 5. new bull cycle will start to all time highs once this diagonal completes.

user100000

labeled all waves starting from the end of wave 4. to my eyes, the way the market is behaving fits perfecly as an ending diagonal. all waves have a corrective structure (three wave)

user100000

adjusted lower trendline. wave 3 looks complete

user100000

wave c looks complete. all 5 waves are "in" for the c wave of 3 market is wave 4 up in progress