If the current triangle breaks to the downside, it could signal a B wave high, which in turn could be followed by a 5 wave decline to complete the corrective zig zag pattern. Price target if this were the case would be in the region of the previous wave IV...around $63. It's not a definite, but certainly a possibility - since the current [triangle] pattern would almost certainly not be wave 2 of a motive wave. It could, however, exist as the final leg of a b wave correction to the upside. Best to stand aside and don't get too bullish too soon...
Comments
Naledis
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soo how did it go for u guys :/
digging
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Why did you start your cycle count where you did? Point being there is more data behind your I point and it doesn't seem like a organic start point.
Anarchomania
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This is bitstamp's maximum data. I understand there were waves 1 and 2 of the cycle degree behind these but since this chart won't go back that far I labelled one smaller degree of trend here as 1 and 2 - simply for demonstration purposes.
kdiav
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I think so too, excellent analysis.
Anarchomania
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Thanks Kdiav :)
Maddie
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Well okey.
What did you use do calculate that target?
Best wishes,
Maddie
Anarchomania
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Percentage movement of wave A (approx 85%), then measured the same amount for a possible wave C starting around the possible terminus of wave B. A and C are frequently equal in percentage terms. Adding weight to this is the fact that it precisely corresponds with the bottom of wave 4 (marked IV) in the previous motive wave. ABC zig zags commonly tend to seek out that previous 4th wave extreme. This is not a firm forecast Maddie...just something to consider as a possibility. Only if there's a break to the downside of course :)