Taking a look at BTCUSD some more I'm liking this count. Fits the channel well and indicates one more push up to finish off our wave (v). Hidden bullish divs on RSI and MACD as well on higher time frames. Short term I am still watching for a small retrace for a scalp position. Looking for a $9500-$9250 entry.
Targets Posted, wave 5s are often 1, 1.618 or 2.618 of wave 1.
I would be cautious to position too large here, I am starting to see some distribution (heavy selling off peaks). It has been bought up rather nicely thus far, but could indicate a larger retrace is in the works.
Cheers
*this is not trading advice*
Targets Posted, wave 5s are often 1, 1.618 or 2.618 of wave 1.
I would be cautious to position too large here, I am starting to see some distribution (heavy selling off peaks). It has been bought up rather nicely thus far, but could indicate a larger retrace is in the works.
Cheers
*this is not trading advice*
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It should be noted that wave 5 could have completed in terms of satisfying the 100% of wave 1 fib extension, but the subwave structure suggests it has another wave 5 of smaller degree yet to complete, aka wave 5 of (v).
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I want to reiterate, I am still tracking the strong possibility of this being a higher b wave of an expanded flat. If we push past $10k I will look less and less at this option and rule it out entirely above the 1.618 fib extension shown above.
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