Based on Neowave rules, It seems like Bitcoin has begun the last wave up of a diametric pattern. This wave could take us over 200k by the end of 2022, possibly as high as 1 million! After wave-(G) is complete, we could either see a multi-year correction (which could last up to 12 years) OR we could see an x-wave which will only take a couple years to complete, followed by another ~12 year bull run. It's not possible to know exactly what will happen after wave-(G), beyond knowing that we'll likely see one of the largest corrections in BTC's history, so it will be a good idea to take profit when it looks like wave-(G) is nearing completion.
Moving down to the monthly chart we can find a lot of supporting evidence for Wave-(G) beginning now:
The internals of Wave-(F) appear to have formed into a double combination which begins with a zigzag and ends with a diametric. Wave-g is a very strong "blow-off" wave which is common for the end of a diametric. We've also likely begun a bullish diametric starting at the low in march, and we are just now beginning wave-c which could take us to around the previous all-time-high at 20k.
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Revisiting this super long-term count after a little over a year. So far price has kept up exactly with our expectations from 2020. We are well on our way into the 250k-1M range which was forecasted over a year ago. This should happen by the end of the first quarter of 2022, likely ending with a massive blow off wave towards 1M USD.
The fallout following this blow off wave will likely be massive, so it's a good idea to take some profits on this wave that is coming in a few months.
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Also it's possible the final wave could stretch all the way out to the end of 2022, will just have to wait and see what happens, but if we get a blow off wave we'll know because of the massive euphoric rise that happens at the very end which is one of the fastest parts of the advance going all the way back to 2009, followed by a devastating collapse and very long period of cooling off.
@Intuit, In the MEW book Neely has said that X waves are either smaller than 0.618 of previous three or larger than 1.618 of it in price length. Is that still the case? or he has changed his mind about it?
I see on some counts that X wave is between 0.618 and 1.618 of previous three.
anonycoin
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this bulls going to be insane.. targeting milenial
dRends35
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Good to see som Neowave, Neely seems to have an interesting system of which I only ever got partially through his "mastery" book. That said reverting back to EW; for your "F wave" to be motive it would have to be wave 3 of the lower degree due to the previous LL at 3.1k. So 3.1k wave 1 low is fine, but then the wave 2 from 14k makes no sense at all by EW rules, and although now motive (perhaps on a lower degree) wave 3 from 3.8k looks very ugly too. Wave 3 should show strength, but this wave has only done so after considerable meandering.
A more fitting (but perhaps unappealing) answer could be that these motive waves "1" and "3" are actually B/X corrective waves which would mean that the dominant trend is still to to downside, despite volatility to the upside. @VladimirBashovski @london55555
Intuit
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@dRends35, I don't think there are any impulsive waves here. Wave-(F) is a double combination, and it looks live we've begun a diametric pattern going up for wave-(G)
@dRends35 diametric is a corrective move. The structure is 3333333. This is something like actionary corrective wave in classic EW.
dRends35
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@RezzaHmt, Proregressive? Complex Neowave or not, there's very little chance this is the start of the bull run imo. If it is its the ugliest impulsive move ever. And sorry to publisher but that long term log chart is noob-central.
Intuit
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@dRends35, Funny that you say that because the author of Neowave (who wrote the book and has done EW for almost 40 years) is the one who came up with this count originally over a year ago.
dRends35
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@Intuit, Funny how you assume others to know nothing. "The author" - Neely, I have his Mastering EW book btw. Can you evident this supposed count? I very much doubt he would be bullish Bitcoin here. Also btw fairly obvious that you and @RezzaHmt are the same user @NewYork888
Intuit
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@dRends35, We're definitely not the same people, @RezzaHmt doesn't even agree with my count, and I've never even seen the other guy.
To briefly explain this diametric count:
a) There's strong time similarity between waves
b) Channeling is conducive of a diametric
c) Lack of any impulsive action
d) Lack of any other logical count (if you have one I'd like to see it)
Neely came up with this count when I took his private classes over a year ago. It's not something he has published but you could try and email him about it and he might respond. I emailed him back in July and his response was that this count "continues to look good."
However, the jury is still out on whether or not NeoWave even actually consistently works on Bitcoin and cryptocurrency, as Neely has stated (and also in my own experience) there have never been any CONFIRMED impulsive counts on Bitcoin. neowave.com/qow/qow-archive-2379.asp
I see on some counts that X wave is between 0.618 and 1.618 of previous three.