My theory for a while now is that we have been in a 4th wave correction for the past few months and that we have seen the completion of the A wave and we are looking for the C wave down. If that is the case we should see an ABC correction off the A wave. We have what appears to be a possible ABC correction but the B wave only corrects to the .382 (at the 9350 level) of the A wave. Possible but Bitcoin has already shown us two B wave corrections that went to the .786. We may very well be sitting at the Bottom of the B wave and already started our C wave out which if this is the case BTC could be heading toward the .5 retrace of the larger A wave around $12,700. That area would be where we would start our C wave down and from that level BTC would most likely give us the truncated C wave we are used to seeing. I originally posted I was uneasy about the fact that we where already putting in the C wave considering its just been over 30 days form the completion of the A wave and we have seen 60-90 days in the past.
Now I'm sitting here looking at the cart unfold and there is a possibility that what we have here is an ABC correction off of wave 1. If you look you can see that we have a sub wave that appears to be a C wave forming right now which appears to have already completed wave 3 just below the 1.618 of sub wave 1 which starts at $9300, this would give us a target of around $8450 at the 2.618. It would seem quite possible that we are looking at an ugly leading diagonal wave 1 with a large ABC correction for the start of our C wave out.
To me I'm still leaning bearish and that we have already started our C wave down but I have to keep my eyes open for both possibilities however improbable my bias may have made them. We shall see how this day plays out.
Now I'm sitting here looking at the cart unfold and there is a possibility that what we have here is an ABC correction off of wave 1. If you look you can see that we have a sub wave that appears to be a C wave forming right now which appears to have already completed wave 3 just below the 1.618 of sub wave 1 which starts at $9300, this would give us a target of around $8450 at the 2.618. It would seem quite possible that we are looking at an ugly leading diagonal wave 1 with a large ABC correction for the start of our C wave out.
To me I'm still leaning bearish and that we have already started our C wave down but I have to keep my eyes open for both possibilities however improbable my bias may have made them. We shall see how this day plays out.
Comment:
As always I'm still a new at this so don't take this as advise on how to trade just trying to learn through doing. Any feedback is appreciated.
Comment:
Wave invalidated, low breached back to the bearish count. This is the C wave we're looking for.