Last time i left you guys with extrapolated targets for what our wave C should look like based on Elliot Wave and Fibonacci Retracements and Extensions. Wave 1 ended slightly shallower than I expected it to, it was actually finished when i posted my last chart, but we couldn't have know that because we had no data on Wave 2 yet.
Now we see that the retracement of Wave 1 was deep. It came to the 0.786 Fibb. You can clearly see our 3 Wave ABC correctino structure within wave 2, therefore, we must continue our Wave C by commencing the start of subwave 3.
Now I have extrapolated new targets for our wave 3 and 4, and made the wave 3 fairly extended, reaching the 2.618 Fibonacci Extension . I did this because the 3.618 Fibb perfectly lines up with our 0.382 retracement of the entire 5 Wave Structure that were in the correction of right now. So, because there is such a low probability of us only correcting to the 0.236 Fibb, I've assumed that we will have a larger wave 3 in order to help us achieve the retracement to the 0.382 level.
My count seems to be lining up just fine, and I haven't changed it, only slightly corrected some of the target zones in the subwaves based on incoming data. However, keep in mind, this count is invalidated if we break above wave 1 around 3340 Satoshis.
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management! Please like and comment any questions you may have below. Happy trading!
Now we see that the retracement of Wave 1 was deep. It came to the 0.786 Fibb. You can clearly see our 3 Wave ABC correctino structure within wave 2, therefore, we must continue our Wave C by commencing the start of subwave 3.
Now I have extrapolated new targets for our wave 3 and 4, and made the wave 3 fairly extended, reaching the 2.618 Fibonacci Extension . I did this because the 3.618 Fibb perfectly lines up with our 0.382 retracement of the entire 5 Wave Structure that were in the correction of right now. So, because there is such a low probability of us only correcting to the 0.236 Fibb, I've assumed that we will have a larger wave 3 in order to help us achieve the retracement to the 0.382 level.
My count seems to be lining up just fine, and I haven't changed it, only slightly corrected some of the target zones in the subwaves based on incoming data. However, keep in mind, this count is invalidated if we break above wave 1 around 3340 Satoshis.
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management! Please like and comment any questions you may have below. Happy trading!
