Over the last few weeks of china banning icos and btc exchanges and good old jamie dimon shitting on btc the overall market sentiment has been bearish playing into elliot wave theory as we abc down on wave 4. AS of the 9/22 wave three has started in my opinion and we have rushed forward without much resistance. Being the 3rd wave it is met with lots of price action and volume which is great for us traders. However i believe wave three is about to end soon. According to Elliot wave guidelines Wave 3 = either 1.62 x length of Wave 1, 2.62 x length of Wave 1 or 4.25 x length of Wave 1. Given the circumstance i believe 1.62x of wave one is the most likely place to stop at 4862. Given this guideline we can then have a better idea of were wave 4 will head before we enter wave 5. If you are not in a trade yet i would highly recommend waiting for the beginning of wave 5 at around 4315 however this is a target with the most probability that is all. As traders we try and give ourselves a edge over everybody else so we can take money out of the markets and profit.
Comment:
we have reached our target for end of wave 3 and we are ready to place our shorts on to ride wave to our predicted targets, TP at 4315
Comment:
opened short at 4880 SL at 4991