For the upcoming weeks, it's gonna continue to go up. Corrective wave will not sent us further than 5300.
Pullbacks may occur on these levels: 5800, 6160, 6260, 6510, 6580, 6700.
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Dates are irrelevant in this chart, I only drew the pattern based on price calculations. I think it's gonna take a few months for the pattern to start showing itself.
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I did not calculate wave 5. This is valid for the targets of waves 1 to 4.
Why did you start wave 1 where you did? Makes no sense to start it from that point.
UnknownUnicorn4427542
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@mayernetworks, it’s the point that price has broken up the previous resistance. Also, it’s based on my calculations of wave 2,3 and 4. I speculated where 3 might end up, then calculated the length of wave 1 in a way that 2 would end up retracing around 50% and its level would get supported with previous resistances. As why I chose 50%, it’s based on patterns I saw throughout the chart.
mayernetworks
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@Elaavor, waves don't just magically start where you want them to. You need to pick a high or a low and run through the count. I can tell you that your strategy is completely wrong. If you want to learn more about EW check out Trade Devils
@mayernetworks, It didn’t magically appear, we know where wave 2 has ended up but there are doubts about where wave 1 has started. So it isn’t magic to calculate wave 1 based on wave 2. I’ve seen many TAs pick various starting points. I played around with lots of starting points and some seemed to match the history of bitcoin behavior better. I could definitely be wrong though, it is TA after all.