I can easy count 5 green intermediate waves up.
Last top was just above the 161,8% fib level of primary white ((1)).
It's outside of the pitchfork, it's outside of the white base channel indicating the primary white 3 was underway.
By having a good 5 wave structure in the last wave up, I believe this is the intermediate green 5 wave done, and hereby primary white 4 has started.
How low can it go? By a rule from Elliott, wave 4 cannot enter the territory of wave 1, so this would mean the absolut low of wave 4 would be at the 64,760 level.
After we had, what I counted as a primary white wave 2 formed as a flat, it will be fair to presume we will have a relative quick primary white wave 4, because of the guideline of alternation. Also as a guideline we can lean to a Kennedy Channeling Technique, which states that wave 4 is usually not done before touching the bottom of the acceleration channel, which I have colored in blue.
The simplest path of wave 4 would be a zig-zag, which I have drawn in yellow. And I anticipate the first wave down, intermediate green A, not to end before around $90.000, then we will have a intermediate green B, then intermediate green C.
A choice could very well be that it will form as a triangle, because so many still believe the surge of BTC never stops. But still my anticipation of intermediate green wave A will be around the $90.000 level.
This is the most optimistic count I feel I could do on BTC. Another, but not as likely, count could be that we already have seen the wave 5, and then there is no absolute bottom other than 0.
Because this would mean we have seen the top of wave 1 of a higher degree, and wave 2 can retrace all the way back to the start of wave 1 without invalidating anything.
But this pessimistic count is not my preferred count at the moment.
Last top was just above the 161,8% fib level of primary white ((1)).
It's outside of the pitchfork, it's outside of the white base channel indicating the primary white 3 was underway.
By having a good 5 wave structure in the last wave up, I believe this is the intermediate green 5 wave done, and hereby primary white 4 has started.
How low can it go? By a rule from Elliott, wave 4 cannot enter the territory of wave 1, so this would mean the absolut low of wave 4 would be at the 64,760 level.
After we had, what I counted as a primary white wave 2 formed as a flat, it will be fair to presume we will have a relative quick primary white wave 4, because of the guideline of alternation. Also as a guideline we can lean to a Kennedy Channeling Technique, which states that wave 4 is usually not done before touching the bottom of the acceleration channel, which I have colored in blue.
The simplest path of wave 4 would be a zig-zag, which I have drawn in yellow. And I anticipate the first wave down, intermediate green A, not to end before around $90.000, then we will have a intermediate green B, then intermediate green C.
A choice could very well be that it will form as a triangle, because so many still believe the surge of BTC never stops. But still my anticipation of intermediate green wave A will be around the $90.000 level.
This is the most optimistic count I feel I could do on BTC. Another, but not as likely, count could be that we already have seen the wave 5, and then there is no absolute bottom other than 0.
Because this would mean we have seen the top of wave 1 of a higher degree, and wave 2 can retrace all the way back to the start of wave 1 without invalidating anything.
But this pessimistic count is not my preferred count at the moment.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.