A bearish alternative to this idea > And smaller timeframe analysis to this theory > I think it's possible that Fridays movement was an ABC to complete a larger degree wave 4. If you look on the 5m chart here > You can see 5 waves up (orange) before a pull back to the .236 level then up for one more wave which could be C; from the top there appears to be a...
A bearish alternative to this idea > A more bearish scenario where we could be in subwaves of 3 of C to $64 levels which lines up nicely with this idea > Please see here for smaller timeframe analysis for this theory >
An update to a previous idea > It appears the the 5th wave is now completed after coming close to the .382 level of wave 3 before pushing down to just below the .382 extension. It also ties in with this idea that Y wave is completed > There are 5 waves down with nice Fibonacci relationships > 1.618 of wave 1 for wave 3 termination, 1:1 of wave 3 for wave 5...
An update to previous idea > I previously theorized that C wave (I now have this as Y) would terminate at the 0.618 extension of A wave, however, it appears to have stopped short at the 0.5 extension; it's possible that the correction is completed and now on to new highs, or a more complex correction as shown in the chart. If WXY is not completed at 6613 maybe...
An alternative to these two charts where I have indicated waves down towards 64 > > This idea makes more sense for the ABC with a triangle (ABCDE) for B of Z and now in the 4th wave of C of Z, this would end around mid 65's.
Looks like we might be in wave 4 pull back to around the 0.382 level of wave 3 in the form of WXY > Yellow line in the chart is the 3.618 extension of the larger degree wave 1. Possibly pullback one more time for a larger degree wave 4, then down for larger degree wave 5.
The blue price line behind is global crude oil price (Brent Crude Oil). As you see, Bitcoin price movement is mirroring the crude oil price movement. This behavior is especially visible at 5 min tickers. I guess we can utilize the crude oil trend for bitcoin forecast. This also shows that Bitcoin news are lemon. Especially, today everybody said that Bitcoin...
An update to this idea back in July > My previous bullish count is invalid as price broke 6690 so its possible that we are in a WXY to around to .382 around the 64 level >
Update to this idea > Possibly in a bigger wave 4 now with .382 at $64 area before larger wave 5 above $80. Sub wave 4 (light blue) bounced at 0.382 of wave 3 at 6360 area.
Update to previous ideas on correction in crude oil > I previously had this down as an ABC but that doesn't seem to fit anymore so its possible that it is a WXY. Previously I had the first section as A with a WXYXZ correction but as per the rules for WXY W must be a zig-zag and looking at it again it is possible > A had 5 waves with a starting wedge wave 1 and...
Update to previous WXYXZ idea > I probably shouldn't get too hooked on the idea that this pattern appears the same as the one back in June as I could end up missing what's actually going on. Below is the period between 18th June and 21st June with what appears to be a large extended flat correction with B wave a WXY > Y extended 1.414 of W to complete B then...
Linked to this idea > Probably nearly impossible to plot a complex correction but this my theory for a possible ABC correction for wave 2, before a big wave 3 to new highs in 2018.
Excuse the long post, it's Saturday, the market closed and too much coffee this morning :) I just wanted to share my analysis and why I believe Crude Oil can reach the $78 level; this is an update to a previous theory There are notes in the chart with reference to the daily MA20, the similarities between the drops from 7290 and 7520 and the daily candle pattern...
Update to previous idea > I theorized that wave C of 4 would extend to $64-$65 levels but it did not make it that far and appears to have bounced from the channel bottom after completing a clear 5 wave structure down for the end of C wave and now a very bullish 5 wave structure up has started for what could be a wave 1 >
Update to previous ideas > Possibly in wave 4 now in a triangle pattern with E of ABCDE nearing completion before breakout for wave 5 (of 3)
Update to previous idea > It appears the correction is over as a WXY to $70,40 and we could now be wave C to $64-$65 levels. Wave 1 and 2 of C may already be completed > Now in subwaves of wave 3 Long term I'm still a believer that Crude can go towards $80 as per this idea > SO $64 may be a good level to buy for higher prices
Update to previous idea > Possibly in WXY correction with Y completing around the 7080 level. 1H, with possible starting wedge for A of Y > Possibly nearly complete with wave 4 of C of Y >