For those of you following my posts you know there was a lot of concern about the last major wave holding around $9K. Not only did it hold, it turned for wave 3 and a $1K plus jump. The question right now is did we just finish Wave 3 or was that the end of a Wave C ?
If the prices turns here at the .23 Fib or more likely the .38 Fib and goes North again that is a solid confirmation the prior move was a Wave 3, and this move down is Wave 4, and we still have wave 5 North to go.
If prices go down from here then what we thought was is a 12345 move (shown on the chart in blue) is actually an ABC move and we just finished wave C and prices are coming back down.
I do not think this is the case. I am very confident we are seeing wave 4 right now and heading higher later today. After wave 5 is complete, we wills see some sort of ABC correction at that point. That's not a guarantee, just my personal opinion based on the FIbs and the previous price action. So the short answer? We may see prices dip to around $10.1K this morning to complete the end of wave 4 and then go up for Wave 5. That is my best fortune telling prediction from what I currently see on the chart.
I gotta go make the doughnuts, hope this helps.
Talk to you later.
BBS out.
If the prices turns here at the .23 Fib or more likely the .38 Fib and goes North again that is a solid confirmation the prior move was a Wave 3, and this move down is Wave 4, and we still have wave 5 North to go.
If prices go down from here then what we thought was is a 12345 move (shown on the chart in blue) is actually an ABC move and we just finished wave C and prices are coming back down.
I do not think this is the case. I am very confident we are seeing wave 4 right now and heading higher later today. After wave 5 is complete, we wills see some sort of ABC correction at that point. That's not a guarantee, just my personal opinion based on the FIbs and the previous price action. So the short answer? We may see prices dip to around $10.1K this morning to complete the end of wave 4 and then go up for Wave 5. That is my best fortune telling prediction from what I currently see on the chart.
I gotta go make the doughnuts, hope this helps.
Talk to you later.
BBS out.
Comment:
For clarity, I have drawn and ABC count on the chart showing the down direction the price would follow if this was true. I do not currently believe this is the count. I think we are in the dark blue 12345 count I have previously drawn. If the price breaks significantly below the .38 Fib then the ABC count may become more valid. If that does not happen, I am sticking to the 12345 count upward.
Comment:
A 1 hour view of how this might play out if the 12345 count is correct.
Trade closed: target reached