Bitfinex short approaching their all time high so I am not alone in my reading of the situation. But bear in mind that the herd isn't always right. In this case, I think they are right though. Wave (c) of the correction is showing some good strength. We might make the $6450 to $6600 for wave 5. A double top would be quite telling.
After that I am expecting a sharp drop to sub $5300 (in stages) for a 1:1 extension of wave (A) ($7430 to $6170). Also on the table is for us to make a 1:1 extension of the drop from $8500 to $5755 which would make the second target around $4800.
Good luck everyone. Protect your funds. This is what capitulation looks like. If you are already in a short position there is time to add to it and raise your average price / avoid liquidation. If you are long, there is time to reconsider, depending on how the price action unfolds
The peak I labelled as "not wave 3" almost makes a 1:1 extension of wave 1 but falls short (also on Bitmex and Poloniex). That would break EW rules. So wave 5 still coming, but the drop to $5300 will still apply.
After that I am expecting a sharp drop to sub $5300 (in stages) for a 1:1 extension of wave (A) ($7430 to $6170). Also on the table is for us to make a 1:1 extension of the drop from $8500 to $5755 which would make the second target around $4800.
Good luck everyone. Protect your funds. This is what capitulation looks like. If you are already in a short position there is time to add to it and raise your average price / avoid liquidation. If you are long, there is time to reconsider, depending on how the price action unfolds
The peak I labelled as "not wave 3" almost makes a 1:1 extension of wave 1 but falls short (also on Bitmex and Poloniex). That would break EW rules. So wave 5 still coming, but the drop to $5300 will still apply.
Comment:
Sorry all, waves (c) and (B) should be above wave 5. I forgot to relocate them after realising that only 3 waves had completed.
Comment:
Accuracy pretty good so far. I put my wave 5 top at 6507 and it reached 6529.
Comment:
Target revised to sub $6000 with wave 5 down still expected
Trade closed: stop reached