If we analyze Ethereum with the Trend Based Fibs Extension, a pretty clear picture appears.
On the last up, the correction to the 4 was in the Fib 0.5/0.38 area. This time we also corrected into this area. If we now apply the Trend Based Fibs Extension, we get a pretty clear target picture at minimum 1.618 (8,000 USD).
If ETH were to go to Fib 3.272 like last time, we would be at around 14,400 USD this time. If we calculate conservatively and we reach 2.272, the target point would be slightly above 10k. Lets cross our fingers! 😀
BTW: My Bollinger Band is here 350 Daily (StdDev 0.618, 1 and 2).
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Let's see what happens. Happy trading. 😀
BTCINVESTING
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Comment
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Middle Band (blue middle line) touched. it should hold.
I am still learning elliott waves. Question - your targets for wave 5, are determined based on beginning of wave 1 to end of wave 4. I have never seen that before. Usually the guidelines (I have ran into) say inverse of wave 4 with 1.618 retracement. Would you please share your resource so I can learn from this? Thank you
BTCINVESTING
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@npatel1985, what you write is basically correct. with cryptos we have often logarithmic movements. you can use the trend based fibs at the 0 and the 4 to forecast the 5. the minimum would be 1, which roughly corresponds to your 1.618. with an extended 5 this could go much higher. for this i use the trend based fibs. in principle you can also measure this with normal fibs, but i think it is easier with the trend based fibs.
Lemur1986
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Bad news for bears if this plays out 🔥
BTCINVESTING
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@Lemur1986, yep ... thx for your comment. bad news for bear as always. 😉