This BTC corrective pullback from 9550 approx is very much ZigZag corrective wave so whats ZigZag ?
its... 5-3-5 A-B-C (1235)-(abc)-(1235)
- Subdivision of A and C is 5 waves, impulse or diagonal -B can be of any corrective nature
Fib ratio relationship: B = 50, 61.8, 76.4 or 85.4 % of wave A C = 61.8, 100 or 123.6% of wave A
So if we look into these guidelines than at this current situation we are not sure if this wave will go further down to finish its last leg or not but if i have counted the 5 waves in C than it seems like its over and we are on an uptrend already. RSI already formed a hidden divergence so my feeling is we are not going to touch 8500 zone. We are already forming the 5th uptrend wave.
correct me if i am missing any count here.
Cheers guys
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I thought i better update a bit more on corrective waves...
5 types of corrective waves 1. Zigzag (5-3-5) 2. Flat (3-3-5) 3. Triangle (3-3-3-3-3) 4. Double three 5. Triple three
So even if current formation is triangle, even than we have touched 3 times already (ACE) so its time to go up.
hi, nice share.
I think your C is to short ... you are ignoring 1 and 2 of 3 ... your 3,4 and 5 are from sub 3 ... so we finished wave 3 of C (your 5) ... I may be wrong
bye
JayVirtualWorld
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@gobica, I was in that impression too but when i looked into RSI, there is a hidden divergence and that C is bouncing from 61.8% of A so thats why i think its a bouncing time, if no divergence than we could be going to further down 100% or 123.6% of A....
I could be wrong and that C stretches further down at 8500 zone.....but thats just my conclusion.
I think your C is to short ... you are ignoring 1 and 2 of 3 ... your 3,4 and 5 are from sub 3 ... so we finished wave 3 of C (your 5) ... I may be wrong
bye