Hi everyone,
Thank you again for considering reading my idea. Just a disclaimer that I'm not an expert on Elliot Wave Theory but here's what I have in mind.
Let's see the first 4 waves:
Wave I - Initial impulse from March 2020 to May 2020 (161%)
Wave II - Sideways movement from May 2020 to September 2020
Wave III - Huge impulse from September 2020 to April 2021 (535%)
Wave IV - Huge diagonal correction from April 2021 to May 2021 (-53%)
For more zoomed in chart of Wave ABC for Wave IV, please see the updates below.
In my opinion, we have completed the Wave C of Wave IV and we're currently starting Wave 1 of the last and final wave of Wave V for this bull market.
On Elliot Wave Theory, it is a rule that the Wave III is always the biggest impulse compared to Wave I and Wave V. Since Wave III had a huge increase of 535%, we can say that Wave V is LESS than 535%. As for this rule, I am not sure if it's always the case or if it's mostly the case but let's assume that Wave III is bigger than Wave V.
Let's say that from the bottom of Wave IV (30k), we add 535% which gives us 191k. We can say that the top of this bull market would not exceed to 191k.
If we draw a Fib Retracement from the peak of Wave III (64k) and the bottom of Wave IV (30k), we get these levels:
- Level 4.236 at 174k
- Level 3.618 at 153k
- Level 2.618 at 119k
- Level 1.618 at 85k
I think these are the levels that we need to pay attention to in the next few months. We know that a potential top is when we get these euphoria feeling where Bitcoin is pumping hard very fast. Whenever that happens and wherever level that is, we can use the levels above to determine the potential peak.
Thanks for reading. This is not a financial advice.
Thank you again for considering reading my idea. Just a disclaimer that I'm not an expert on Elliot Wave Theory but here's what I have in mind.
Let's see the first 4 waves:
Wave I - Initial impulse from March 2020 to May 2020 (161%)
Wave II - Sideways movement from May 2020 to September 2020
Wave III - Huge impulse from September 2020 to April 2021 (535%)
Wave IV - Huge diagonal correction from April 2021 to May 2021 (-53%)
For more zoomed in chart of Wave ABC for Wave IV, please see the updates below.
In my opinion, we have completed the Wave C of Wave IV and we're currently starting Wave 1 of the last and final wave of Wave V for this bull market.
On Elliot Wave Theory, it is a rule that the Wave III is always the biggest impulse compared to Wave I and Wave V. Since Wave III had a huge increase of 535%, we can say that Wave V is LESS than 535%. As for this rule, I am not sure if it's always the case or if it's mostly the case but let's assume that Wave III is bigger than Wave V.
Let's say that from the bottom of Wave IV (30k), we add 535% which gives us 191k. We can say that the top of this bull market would not exceed to 191k.
If we draw a Fib Retracement from the peak of Wave III (64k) and the bottom of Wave IV (30k), we get these levels:
- Level 4.236 at 174k
- Level 3.618 at 153k
- Level 2.618 at 119k
- Level 1.618 at 85k
I think these are the levels that we need to pay attention to in the next few months. We know that a potential top is when we get these euphoria feeling where Bitcoin is pumping hard very fast. Whenever that happens and wherever level that is, we can use the levels above to determine the potential peak.
Thanks for reading. This is not a financial advice.
Comment:
Here's the zoomed in chart of Wave ABC for Wave IV:
