Eloquent

btc long setup 7\22.

Long
POLONIEX:BTCUSDT   Bitcoin / Tether USD
Now that we know where we are, we can safely know where we are going.

Wave 4 corrections tend to be very complex, and very complicated to figure out - which is why i have spend so many days and nights working on this picture; unlike simple corrections which are a piece of cake and take me a few minutes to chart. This was one of the hardest charts I've ever had the pleasure of working on, and it was very much worth the experience.

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I am safely theorizing that we have begun working on Wave (B) of Wave 4 on the highest degree.

Wave B's move in three waves (a-b-c) or ( w-x-y ).

We can eliminate the w-x-y , as this is a clear impulse-
Leaving us with just one final scenario.
The structure we have begun working on, on July 20th is wave a of the larger Wave B structure of Wave Y of Wave 4 on a highest degree.

When this wave (a) finishes its five wave impulse and tops out at 33,600, we should in theory see a 0.5 ~ 0.618 pull back for the smaller downward wave b move.

Knowing this, we can position ourselves nicely for that wave C swing in the days ahead.

I am projecting this wave c of Wave Y of Wave B of Wave 4 on the highest degree to move to about 40 .5k as of this evening.
That is my safe target, and is as high as I am willing to swing a long.
Taking it any higher is playing with fire in my professional and honest opinion.

Buy zone:

0.5 = 31378
0.618 = 30,875

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Sell zone = 40k.

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