The chart is in logarithmic scale so we are still far off! This is my analysis for bitcoin, we are now in wave 4 of the bigger wave III of the huge wave (V). The levels are based on fib. buy the dip and ride the last wave before the bigger correction arrives. Estimated June 2021 till we reach the top of wave III.
damn waves- got me again=0) im with you all the way on wave 3, i just think the correction before 5 starts is gonna be lower than 40, i think 618 macro fib - 26k ish, my reason for thinking this is- 20k top fractal
Spocks-Beard
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@Spocks-Beard, same as your count i think only difference is i think a bit lower than 40
Spocks-Beard
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@Spocks-Beard, i think w5 is likely to be huge if 20k was anything to go by so im gonna say 26k, poss 18, then moon
Spocks-Beard
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@Spocks-Beard, another reason we poss go a bit deeper here is this bearish rsidiv on the dji - which could be all kinds of ugly if /when it pops
Spocks-Beard
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@Spocks-Beard, people say theres no correlation between dji and btc, but when i do a side by side of march 2020-sure looks like correlation to me
@elkadro, yeh- i dont pay much attention to stocks normally so i didnt know what to make of it on DJI, But if i saw bearish div on a day chart to that scale on something I was holding in crypto , id be looking for the exit, I guess its down to the fed, print the dollar into oblivion or take the 50% hit on stocks, ? but a 50% hit on the dow aint gonna be pretty for anyone
elkadro
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@Spocks-Beard, 26k is too low for a wave 4 since it will be lower than wave 1 top which invalidates it and will give us reasons to believe that this is wave 5 or we have a bigger cycle correction.
Spocks-Beard
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@elkadro, Yes Wave 4 isnt supposed to come below the top of 1- (except in in a diagonal) but i do see it happen all the time in the short time frame fractals of the larger wave, so i take that rule with half a pinch of salt in crypto- I guess it doesnt matter financially since ill be in at the same point as you - alas only on paper atm, but will be interesting to see what it does at 50-51, great chart anyway- cheers, what do you make of the massive bearish rsi divergence on the dow? i dont trade stocks, but to my eyes that looks pretty ugly? but looked again 26k wouldnt be below the top of wave 1- top of your wave 1 is about 12 so 26 is allowed edit - Im calling 14 k top the top of a larger wave 1 - so on my count we can go as low as 14k here and not invalidate my count