BITSTAMP:BTCUSD   Bitcoin / Dollar
wave 3 of 5 is complete
wave 4 of 5 is in progress

macd at lowest point confirm this is wave 3
Hi user100000 my chart has been following quite nicely what has been going on so far. I've had to change some levels to get the fit, but structurally so far looks to be working.
Problem is, mine now implies a downward impulse, where yours is suggesting a climb to 330.
What do you think??
snapshot
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ChartArt johnrfraser
I agree with any downward impulse :)
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johnrfraser ChartArt
So far it looks like it might be up :-/
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user100000 johnrfraser
hi, it is typical for wave 4 to retrace 38.2-50% of wave 3. your pink abc up seems too shallow and not time consuming enough. it should be similar to wave 2 in time. i think it would greatly help if you draw a channel connecting waves 1 and 3 and the upper channel touching wave 2. this would give you some idea where wave 4 might end. impulse waves should sort of channel well
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johnrfraser user100000
Awesome! I'd already thought this might be an issue and pushed the pink 'C' upwards...and yes it then starts to hit the 320 - 330 range...I'm now seeing which 3 - 4 wave you are referring to! I hadn't realized but now think we're talking about the same one! :-)
Thanks so much :-)
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