Bear Market over?
Bulls back in control?
I don't know. But I do know what I am looking for.
I have drawn fibs (extensions) to measure the current move.
I found two impulses (initial push) that made ripples of perfect multiples.
So where those ripples overlap will be the mostly like turning points.
The current top around 7600 was an exact confluence of Fib extensions from both impulses.
ALSO the Monthly Central was these, causing may bulls to take profit (including me).
So a retrace is pretty much assured at this point. Question is retrace how deep?
I will be watching the areas marked with Green boxes in main chart.
Those green zones are areas of Fib overlaps, each being a possible bounce point.
So I have 3 good buy zones to watch. Might have just missed a scalp entry, but I think it will offer better buying price.
So now I wait, watch, measure.
Will update as things develop.
Disclaimer: I currently own some Bitcoin, have sold a bunch just now, hoping to buy it back lower.
will be observing the EW micro wave structures for clues.
Looks like ABC shaping up about as expected
The Monthly central would be added support for my ''Ideal'' entry
Am about to minor adjustments to the wave count, but wanted to post my original pot one last time.
But target still looks viable.
wave 3 down, which perhaps EU/UK will bring about in n the next 1-2 hours...
Observing and re-calculating now.
But it can not avoid the Fibs.
Am rethinking the EW counts now
The more valid count looks to be in this pic:
I thought wave 5 had ended already, but now it seems that wave 5 as an abcde ending diagonal maybe? Regardless, my target entry points are still the same, as not much else has changed in terms of fibs.
The new Fib's 1.618 and 2.618 extensions land exactly with previous zones.
So a) confirms new fib is in same rhythm and b) reinforces the two circled zones.
But they can't escape the laws of Fibsycs.
Closeup of the small tf Purple fib, with extensions on both sides.
I did have a small limit buy in that zone (scalp size). not very confident it will fly, but had to take the shot.
It bounced exactly where I had hoped, broke through first resistance above, not up against the next resistance band. I might take some profit here soon.
If buying power persists, price should break 7500 walls and go a little higher.
Zoomed out, that zone is quite familiar.
There is a lot of resistance here.
BUT the fact that bulls are tapping the ceiling repeatedly increases the chances of breaking it.
If price does break higher, it might be headed for 7800, the next fib confluence.
7600 next as in ''might be headed for 7600.
Those two dropped ''stones'' caused ripples upwards in price.
Notice the precise touches of the various Fib ratios of each impulse. The next important confluence is 8370 - 8415 zone (rounded)
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Like your EW counts a lot, much better than mine on this recent move.
And I love your Fib analysis. The Golden Ratio is pretty much my only trading formula now!
I see you have very detailed analysis in your Idea above.
I will study the details and ask any questions in that Idea, but am fascinated