Here's just a quick update: we bottomed out a little higher than I was hoping and for now it seems very likely that we have begun a B wave here is a close-up, the blue box is what we are focusing on
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just to see how things are playing out in the blue box, for now, I made a small change though: I tightened the lines because it looks like we are moving faster than I expected, all price targets remain the same for now
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same as before, slight adjustments to the lines and i am impatient so i added the internal waves within C. The Yellow box is our target
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hit the bottom of the target and now it looks like the move down is starting
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little disappointed that we never made it to 8700 but here we are, and I'm feeling confident that we are beginning a move down which will ideally end when we touch the bottom of the channel
@rowmagnon, I most definitely will, but first ima play the long to the top before i short. Also IF i'm right, this short would be at least a 100% move (10k to 5k) so i'm excited
jinsunghan
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Can you explain more ?
NotGemini
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@jinsunghan, sure thing, so every rectangle basically isolates the impulse waves so that you can see then more clearly. Next the main idea behind this chart is that corrections are most likely zigzag patterns. I took this concept and applied it to this btc correction. A zigzag correction breaks down into 5-3-5 subwaves. Knowing this i treat the bottom at 6600 as the completion of A. Currently it seems we are in wave B of B and after this I expect another move up. Normally a B wave reaches the .382 of A but at this moment i am skeptical of whether we will be able to reach that. The reason for this is because waves A and C are most likely to be equal in overall price movement to eachother, and this relationship would put the top of C at roughly 10500 whereas the .382 of A is at 11600. After B completes we finally begin C, the last move of the correction, i gave a conservative estimate for this move and placed it at the mid point of my channel where price would be about 5500 but, this final move has the potential to be strong enough to take us down to 2800. Hope this helps :)
NotGemini
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just to see how things are playing out in the blue box for now, I made a small change though : I tightened the lines because it looks like we are moving faster than i expected, all price targets remain the same for now
NotGemini
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Here's just a quick update: we bottomed out a little higher than I was hoping and for now it seems very likely that we have begun a B wave here is a close-up, the blue box is what we are focusing on
sushrest
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lets see.. your art looks good though..
NotGemini
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@sushrest, appreciate it, so far its looking decent i can tell my timing is gonna be off though, i always underestimate when it comes to time