alexyeoh
Long

10k target getting more and more clearer

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
106 0 1
I drew this chart yesterday.

How did I know wave 2 was going to end at 8650? I just drew the Fib and picked the 0.5 retracement level as a reasonable retracement. In my Elliot Wave notes, apparently wave 2 and wave 4 like to follow fib levels.

Based on the fact that Primary Wave 1 ended at 9150, and Primary Wave 2 ended at 8250, then Primary Wave 4 is going to retrace to at most (9150 because cannot retrace below end of Primary Wave 1 at 9150). Therefore I picked the reasonable stop point for Primary Wave 3, which is 9400ish.

On Primary Wave 3, I guessed a reasonable stop point for wave 1 would be 9000 and I was correct. Wave 2, as I mentioned earlier I guessed to retrace 0.5 fib.

On Wave 3 of Primary Wave 3: I am guessing subwave 1 will retrace to the first bounce spot: 9000, subwave 2 will retrace Fib 0.5 = 8810, then subwave 3 will bounce off the historic 9150, subwave 4 will retrace to above subwave 1 end = 9000 (wave 4 cannot retrace to wave 1), leaving subwave 5 to shoot up to 9400 thus ending wave 3.

Since Primary Wave 1 ended at 9150, that means that Primary Wave 4 cannot retrace below this number, which leaves Primary 5 up to 10k.
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