Needless to say we've got our suspected new high I mentioned in my last update. Bitcoin rose from around 4800 to a high of near 5200 overnight (hopefully you re-entered the market (as I did) yesterday evening). This along with another 'event pair' appearing in the daily chart completely changes the game. Now, in the daily chart (top left), instead of a 12 point count we're looking at a 16 point count. So we need to see another event pair, one more pullback then one more new high. That puts this trade lasting at least a few more days.
Moving to the 4H chart, we were at point 22, which is the rightmost red arrow pointing upward around 4800. Point 24 is the next valid end count for this chart but, since were expecting another daily event pair, we might see the 4H count hit 28 (the next valid end count after 24). Remember, were looking for trends to end on multiples of 4 no matter what time frame we're at. This is the M4 counting method, and this is how it works.
Moving to the 4H chart, we were at point 22, which is the rightmost red arrow pointing upward around 4800. Point 24 is the next valid end count for this chart but, since were expecting another daily event pair, we might see the 4H count hit 28 (the next valid end count after 24). Remember, were looking for trends to end on multiples of 4 no matter what time frame we're at. This is the M4 counting method, and this is how it works.