Tommy_Trader

My short-term and long-term targets and wave counting

Tommy_Trader Updated   
BITFINEX:BTCUSD   Bitcoin
Here is my detailed wave count and short-term targets. The downward wave yesterday is making my counting hard. We do have higher highs and lows which is a very positive sign according to the Dow theory. We have a strong RSI uptrend line which seems to be a very good support. My targets for sub-wave 1 of the wave 3 stand at $9,000, $9,300, and $9,650.
This is my bullish count that I have posted yesterday and nothing has changed much. The confirmation of trend reversal would be when we break above the downtrend line that we failed to break few hours ago.
Here is my long term target for the whole wave 3. My first target stands around $11,750 and my second target stands around $14,000. Of course when we confirm our sub-waves later, the targets will be specifically corrected
Comment:
You can also consider wave up to $8,780 as sub-wave 1 like this chart. In this case, of course my targets will be raised up a little bit, since our wave 1 became bigger.
Comment:
We want candles to close above this trendline to confirm that the trend is reversing. First, we should see if 1 hour candle then 4 hour candle. When 4 hour candle closes above, I am expecting a strong bull run.

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