saldejummi

BTC Extended Wave 3 (i i i)

Long
BITSTAMP:BTCUSD   Bitcoin
Correction wave c has finished and we are building a new impulse. I used Bill Williams Fractals to help plotting these wave patterns. After wave c we start with wave (i) reaching highest high followed by a flat correction wave (i i). The next impulse wave (i i i) looks to extended, because if it is not, then it should be drew to the next highest high, which is where I have drawn wave i now. Drawing wave (i i i) not extended would make it shorter than wave (i) and wave (v) , which is against Elliot Wave rules. Plotting wave (i i i) as extended, we achieve a plausible five wave pattern where the targets are estimated using Fibonacci extensions.
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