Just my take on today's action...as I see it we have just left the wave 4 wedge into wave 5. Targeting 1550s...possibly 1560s for this wave.
That will complete wave i of the larger 5 (v) waves targeting 1616 - 1680 range again.
Solid red line is the 'sell off' level from the other day...700, 800 btc chunks were being sold off at 1575 level so I expect resistance here...definitely will be setting any sell orders below this level in anticipation of it
Comments
rubenthin
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rubenthin
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rubenthin
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**actually, cannot see 1560s for this wave 5 as that would make wave 3 the shortest...so expecting this wave to end in 1550s but possibly as low as high 1540s
Nathanael
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I was going to say the same thing, wave 1 is longer then 3, therefore if your count is correct, then wave 5 will be small.
Nathanael
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Also , your wave 4 goes below the top of wave 2, so I doubt this is an impulsive move up
rubenthin
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Ah, maybe because I used the spikes?
I think it is pretty impulsive though...3 waves seem to have played out
rubenthin
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Are you still targeting 1565?
Nathanael
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for now, I think we are on a B wave. I doubt C will end up = the length of A, but I'm expecting more down soon. Right now we have retraced a perfect 38% of "A" - lets see what happens here
rubenthin
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wow..I thought we were done retracing :-/ I was about to suggest buying back 1515-1520. Isn't 1400 lower even than a 76.4% retrace?
I thought we were on a final wave up to the top again, hence why such impulsive action today?
I thought 1480 was the low of the retrace..point C.
Nathanael
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You could be right, or your whole count (the retrace) could just be an A itself.... the only reason I feel like we are not going back up yet is these last few waves (where I made a triangle) don't look/feel very impulsive. However, bulls are hungry, and we could continue going up. Just feel like we are not ready on the daily