I had high hopes on the BTCUSD bounce but unfortunately the upwards move from 278 looks corrective, while the move down from 417 looks impulsive. Obviously this wave up cannot go too far up.
333 should give way before 417 does according to EW theory. Bounces towards 417 should be sold to build positions.
I have two scenarios here according to wave structure. (The horizontal axis is not measured and should not be an indication of time forecast.)
The blue scenario is a drawn out flat correction that lasts another month or two.
The red scenario assumes that the downward impulsive move ( A/(1) ) is not part of a larger correction but is a continuation of the larger trend down.
In either case I think we will see new fresh lows before new fresh highs....
333 should give way before 417 does according to EW theory. Bounces towards 417 should be sold to build positions.
I have two scenarios here according to wave structure. (The horizontal axis is not measured and should not be an indication of time forecast.)
The blue scenario is a drawn out flat correction that lasts another month or two.
The red scenario assumes that the downward impulsive move ( A/(1) ) is not part of a larger correction but is a continuation of the larger trend down.
In either case I think we will see new fresh lows before new fresh highs....