This is my Elliot wave count for BTCUSD, please zoom in for details. We might be completing B wave soon. Corrective wave C potential target is 6K. Updating my counts on the go.
Trade active
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Corrective wave B ended at 9.4k and Corrective wave C confirmed as BTCUSD failed to bounce at 8.8K (8.8K could have been the start of an alternative bullish third wave towards >11.5k). Next target is 8.2k where we expect a little bounce back to 8.5k. Let's see what happens next.
Comment
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Resistances and supports shown in yellow.
Corrective Wave B lasted much longer than reported in the original count. Target remains the same at 6k. Currently we are in a slow sub-wave 2 of C in a shape of a perfect triangle. Potentially this may give rise to an impulse sub-wave 3 downwards to 8.2k . I expect a fast retracement of sub-wave 4 to the resistance level of 8.8k. Let's see if this scenario plays out.
Perhaps put minor wave 4 on the next bump to the right to show that wave 4 is more flat in this case, where wave 2 was quite sharp. Wave 5 might stall here on a double top, might touch 9550 or extend till 9800, I like this chart.
Ivalis
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@robertjulius, Thanks for the comment and feedback. At the end wave 5 did not even make it to the double top, so bearish is BTC right now. Correction confirmed and playing out at the 8K levels.
robertjulius
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@Ivalis, Seems the minor wave count at least is debunked :(
Perhaps put minor wave 4 on the next bump to the right to show that wave 4 is more flat in this case, where wave 2 was quite sharp. Wave 5 might stall here on a double top, might touch 9550 or extend till 9800, I like this chart.