Hey fellow TA enthusiasts!
I have some good news! We are likely to start going back up for a while, and we will once again visit the 8k region for a welcome breather!
Sadly, signs are saying that our revival will be short-lived, and will be followed by another deep dive. And this time, we will get to see the dreaded depths of 5k.
Let me walk you through it: Elliot Wave theory states that every positive impulse wave (consisting of 5 waves: 3 up, 2 down) is followed by a negative impulse of 3 waves (2 down, 1 up): this is called an ABC correction. Each downward wave in itself also consists of 5 waves (3 down, 2 up).
Currently we are in the C-wave of the correction. More precisely, we are at the bottom of the 2nd downward wave of this C-wave. Meaning we are due another upwave, followed by the 3rd and final downward wave of the C-wave.
If you view my previously published ideas, you will notice that I have already predicted this before with a different reading of the chart, and a different end of the C-wave. Back then, instead of the C-wave completing, BTC suddenly halted and shot back up, taking me by surprise. It didn't make sense to me: the C-wave hadn't completed yet! Was BTC escaping a full ABC correction?
Of course not! However, instead of taking the shorter, sharper pain that I previously predicted, it appears that BTC is opting for the route of prolonged, dull pain. It might not take us down as deep, but it will take twice as long. We will pay the price; the market will get its due.
But, don't be gloomy: we have some opportunity for profit in the short term, and there is light at the end of the tunnel. And meanwhile the bull is feeding and getting stronger...
I have some good news! We are likely to start going back up for a while, and we will once again visit the 8k region for a welcome breather!
Sadly, signs are saying that our revival will be short-lived, and will be followed by another deep dive. And this time, we will get to see the dreaded depths of 5k.
Let me walk you through it: Elliot Wave theory states that every positive impulse wave (consisting of 5 waves: 3 up, 2 down) is followed by a negative impulse of 3 waves (2 down, 1 up): this is called an ABC correction. Each downward wave in itself also consists of 5 waves (3 down, 2 up).
Currently we are in the C-wave of the correction. More precisely, we are at the bottom of the 2nd downward wave of this C-wave. Meaning we are due another upwave, followed by the 3rd and final downward wave of the C-wave.
If you view my previously published ideas, you will notice that I have already predicted this before with a different reading of the chart, and a different end of the C-wave. Back then, instead of the C-wave completing, BTC suddenly halted and shot back up, taking me by surprise. It didn't make sense to me: the C-wave hadn't completed yet! Was BTC escaping a full ABC correction?
Of course not! However, instead of taking the shorter, sharper pain that I previously predicted, it appears that BTC is opting for the route of prolonged, dull pain. It might not take us down as deep, but it will take twice as long. We will pay the price; the market will get its due.
But, don't be gloomy: we have some opportunity for profit in the short term, and there is light at the end of the tunnel. And meanwhile the bull is feeding and getting stronger...