Hello All,
A quick update ... there are different possible interpretations when it comes to EW. The short summary ...
(1) did we have an ABC correction up from 7040 (black wave)?
(2) or did we have an ABCDE leading diagonal up from 7040 (purple wave)?
Thing is, selecting one or the other decides when the impulse down started ... and the projected bottom (in the short term), is very much dependent on that choice!
The purple wave suggests this is FAR from over ... and alts will be jumping off cliffs soon, as BTC goes to 5.4k or even lower. In this scenario I do expect a quick, massive wick down, as many longs liquidate ... then a proper recovery. I can't tell you where that ends ... I see possible stops at 5.4k, 5k, 4.4k, 4k .... all the way down to around 2.9k. Don't freak out though ... I really do expect this to be quick, so if you are protected by stops ...
The black wave suggests the correction is over (for now) ... and we go up from 7370, close to my original target of 7425 (see this idea www.tradingview.com/...impse-of-the-bottom/). This scenario then leads to a mediocre recovery, then another attempt to hit bottom, and I suspect that one would succeed. Again, I see this ending with that massive wick down, creating a V shaped bottom.
We will know soon enough. Watch volume especially, and alt action (are they really recovering in a healthy manner)? Those are clues, they always have been.
Please comment which way you think it will go ... BLACK WAVE or PURPLE WAVE
Remember, only a fool relies on one potential outcome.
Do not make financial decisions with this information ... for educational purposes only!
A quick update ... there are different possible interpretations when it comes to EW. The short summary ...
(1) did we have an ABC correction up from 7040 (black wave)?
(2) or did we have an ABCDE leading diagonal up from 7040 (purple wave)?
Thing is, selecting one or the other decides when the impulse down started ... and the projected bottom (in the short term), is very much dependent on that choice!
The purple wave suggests this is FAR from over ... and alts will be jumping off cliffs soon, as BTC goes to 5.4k or even lower. In this scenario I do expect a quick, massive wick down, as many longs liquidate ... then a proper recovery. I can't tell you where that ends ... I see possible stops at 5.4k, 5k, 4.4k, 4k .... all the way down to around 2.9k. Don't freak out though ... I really do expect this to be quick, so if you are protected by stops ...
The black wave suggests the correction is over (for now) ... and we go up from 7370, close to my original target of 7425 (see this idea www.tradingview.com/...impse-of-the-bottom/). This scenario then leads to a mediocre recovery, then another attempt to hit bottom, and I suspect that one would succeed. Again, I see this ending with that massive wick down, creating a V shaped bottom.
We will know soon enough. Watch volume especially, and alt action (are they really recovering in a healthy manner)? Those are clues, they always have been.
Please comment which way you think it will go ... BLACK WAVE or PURPLE WAVE
Remember, only a fool relies on one potential outcome.
Do not make financial decisions with this information ... for educational purposes only!
Comment:
I also want to mention that wave 5 might not be over. In my previous idea ... I had this extending down to possibly 6k ... but breaking that will likely go into the purple wave option.