I feel like BCHUSD just had a triple 3 (WXYXZ) correction for a 50.0% retrace of highest degree wave 1. If this is the case, highest degree wave 2 should be ending at around 630-640 and start start upswing back to 705 resistance.
If it breaks 705, I expect highest degree wave 3 to begin. Next major resistance at 750. I calculated wave 3 possible top at 1190 using 1.618 FIB. Target set to 900-1200 region.
If it doesn't break 705, I'd imagine it will retest uptrend support around 660.
Feel free to criticize, I'm learning Elliott Wave Theory and welcome your knowledge.
If it breaks 705, I expect highest degree wave 3 to begin. Next major resistance at 750. I calculated wave 3 possible top at 1190 using 1.618 FIB. Target set to 900-1200 region.
If it doesn't break 705, I'd imagine it will retest uptrend support around 660.
Feel free to criticize, I'm learning Elliott Wave Theory and welcome your knowledge.
Comment:
Trade closed: stop reached:
BCHUSD Broke down below wedge after failing to breach 705. Back to the drawing board.