sm.e
Short

Retracement before impulse Wave 3 begins

BITFINEX:BTCUSD   Bitcoin / Dollar
Wave 1 (subdivided in 5 subwaves) has ended at 231.

We will have a wave iii             of 3 of C (C is a third wave) so we should have massive volume , price could go really low.

Now we should get a small retracement before wave 3 begins.
@migueschweizer

looks like wave 3 is still in progress... what's your next take after we hit 220s? some upside to 270s before we continue another wave down? if i'm reading your waves correctly so far they seemed to have completed.. please correct me if'm wrong as i don't do charts..

a 237
a to b 232
b to c 239
c to ? 234
Reply
DanV MOD blackswan
Not sure if the details match with yours which could be right. I shared this yesterday suggesting possible triangle for wave iv with low of this cycle on Finex somewhere around 230 or lower. Here is the chart
snapshot
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sm.e DanV
I think wave v has ended already.. I would zoom in a little bit to 60' chart to see the waves more clearly..
The market is kind of choppy right now and the retracement is not so evident, but I would give it a little more time to develop.
My guess is that a double zigzag pattern is forming..
What do you think ?
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sm.e sm.e
snapshot
Reply
You could be right. Originally thought so to but subsequent price action caused me some puzzlement. However that minor 5 wave move could be completed large wave 1 and now wave 2 retracement could be in envelopment. It might get clearer soon hopefully.
+1 Reply
Yes agreed with your counts and general outline. Retracement could be 38.2% or 50% assuming our overall counts are correct. Thanks for sharing.
+3 Reply
sm.e DanV
You 're welcome
+1 Reply
Hi migueschweizer & DanV,

I agree for the most part with the count but how do you decide when to ignore the high/lows of the candle wicks when they overlap? For example, waves i and iv of (i) & of (v) overlap.

I would propose the following to fit withing your count, however, I don't like the proportions of the internal waves of wave (v).
snapshot

I see the possibility that iv & v of (v) are still playing out and the current low of 230.75 is iii of (v)...
Reply
sm.e Kappy
Ending diagonals are one of the few impulse waves in which waves do overlap, as in leading diagonals.
They produce an overall count of 3-3-3-3-3 (with wave 4 entering territory of wave 1) while Leading diagonals subdivide in 5-3-5-3-5.
Ending diagonals generally occur in the fifth wave of a 5-wave pattern and indicate exhaustion of the trend.. Thats why I suggest that labeling and a retracement coming..

Hope that answers your question.
Thanks for your message and sharing your idea!

Reply
@migueschweizer - Correct. Ending and leading diagonals or in some cases expanding diagonals found in Waves A, C , 1 and 5.

Anywhere else it could be part of corrective waves like WXY zigzags. Thanks for your comment.
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