FX:XAGUSD   Silver/U.S. Dollar
bitcoin             chart pattern is similar to silver             . silver             too seems to have an expanding diagonal also
We are still going down ... already saw wave 5
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Wave 4 broke Wave 1

EW Rules
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it's an expanding diagonal. 4 and 1 should overlap (but is not required). wave 5 will be greater than wave 3
the weekly chart shows macd at highest point at the near 50 since 2001 which indicates it is wave 3. wave 5 will be higher than 3 (about 90) and macd will show a divergence. that is when you know 5 is "in"
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Can you add any reasoning or insights as to why this count is logical?
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user100000 timwest
sure, 2001 was the a large degree low after years of bear market. lets call it wave 2. after a correction ends we expect an impulse wave up (5 waves). because wave 4 moved into the wave 1 territory the market is telling us it's not a normal impulse wave but an expanding diagonal. the rules are wave 5 should be larger than wave 3. but typically 5 will reach almost the 1-3 trendline but not touch it.
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