It appears to me that the longer this breakout builds the larger the magnitude of the breakout will be. My previous 5 wave count out of this triangle has about doubled in size when I had to recount it this morning. What I have drawn above may be the minimums. Wave 3 up could far exceed the 1.618 Fib before pausing to start Wave 4 making the total move even larger.
Good luck!
Good luck!
Note
An up close view of how we might get there. They are going to squeeze every dollar they can out of this triangle before it breaks out. Don be surprised if they push is all the way down to the bottom line again or 99% of Wave 1. Anything to make you nervous and give up your hand. Whether you are long or short the outside of the top or bottom of the triangle is the place to bailout if you are wrong. But don't let them sucker or head-fake off your position.Good luck!
Note
Not all the way to the bottom line but all the way down to the bottom of the pink wave 1. As long as the bottom of the pink wave 1 is not exceeded to the downside that count is still good.Note
If the do push all the way to the bottom of the triangle (orange line) and bounce off it again then that could be the begining of the navy blue 2 I have on my chart and I would have to adjust everything above it again. Even that would still be bullish.Note
There is still a chance they try to bring it all the way down to the bottom of the triangle again and bounce off the orange line again. If not, this may be the current path of things.Note
I think we will start heading up from hear or...……. come on down to the bottom of the triangle (orange line) in which case I'd have to redo my counts. I don't want to redo my counts again so let's just go up from here. OK? Thanks!Note
Those Bastards! That had to do one more little dippity-do to blow some more people out. Yes, dipptiy-do is a technical term. They didn't get me as I have no stops. I am the Bitcoin Bear Slayer and I am a HODLER!Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.