Hello, I've charted what I think will happen within the next few hours.
I chose these price points as a result of their fib relationship with a larger structure that I've seen similarities with. If you wish to know which one exactly, I can post the larger wave and how similar it looks to this one I've drawn out.
The downward 5 impulse wave is one within a 1 ...
Hello everyone, this is a pattern I'm seeing.
There is an upward trajectory which is part of the 5 point impulse wave, it is reaching upwards to a bounce zone outlined as a blue rectangle. This is the price target, however when it lands is up for debate.
It kind of looks 3D if you squint your eye... Give it a look!
I went and outlined what I think are two possible Elliot wave counts for BTC.
Both counts do have similar price targets, but I think thats more a result of having the same preceding count. So my thinking throughout analysis is that bull market was from April-December 2017, and we've been experiencing correction from January-February 2018.
The sake of ...
The large sub B wave I'm seeing is within the C leg of the overall ETH correction we've been seeing since early January.
In my analysis I see indicators of a return to bull market, but that is trademark B wave behavior and psychology and in the larger picture fits nicely into the overall correction.
This small run is outlined in more detail in smaller minutes, ...
Outlined is if the bullish wave was a 5 point wave, and if it is then it itself is the first leg of a larger 5 point wave. Watching closely, this could indicate several things for the future depending on where the correction (ii) lands
I target wave 2 at the 61.8% of wave 1.
Reasoning: The wave ii within wave 1 retraced to 61.8% of wave i
I've been picking away at the larger structure and filling in details at minute levels. I'm noticing a pattern so here is what I think will happen for the next couple of hours.
The blue rectangles are bounce zones
I'm seeing an Elliot wave triangle, Symmetrical specifically. I think we're still in the bear market, so that's why I have the wave out of the triangle going downward.
Indicated are some positions I'm going to short.
The timing of the waves I have outlined can be off, however I have placed the Y-axis price at the points I believe the waves will bounce. The final point (C) is where I believe the correction starts. It is possible for it to extend or reach slightly above that point, but I do not believe the price will retrace further below the ETH low a few weeks ago.