I don't look at BTC much but looks like a wave 3 could be finished and some consolidation before another wave up with further waves towards/above 20k USD
An update to this idea > I thought we'd see a 5 wave down side move but I think that move is now over as a 3 wave ABC; the down channel is broken and this could be the start of an impulsive move towards $70 before the year ends. Larger timeframe idea here >
Update to this long term idea > It doesn't look like we'll see below $50...$47 was my estimate but it looks like a bullish leg has started which could end near the $70 area at the .786 extension and meet the long term bearish trendline (red line).
An update to this idea with the channel and the potential triangle added > Other parts of the idea below:
Update to recent ideas: Could be in a triangle (ABCDE) or regular correction (ABC) for wave 4 before the 5th and final wave, possibly a similar pattern to before >
Update to this idea > Possibly in wave C of 4
Update to a few recent ideas: Oil may still be in wave 4 and beyond the .236 retracement level but heading towards the .382 level at $55,67; there appears to be a channel down also where wave 4 could terminate before the 5th and final wave below $50.
Update to a few recent ideas: Smaller timeframe > Larger timeframe > Wave 3 could be at, or near an end now with an extended wave 5 (white) of 3 (yellow) hitting 1.414 extension; If wave 3 is over then wave 4 may follow to the .236 level before the 5th and final wave below $50.
Update to a couple of recent theories: Could be nearing the end of wave 3 now as the 1.618 extension approaches. May see some sideways action for wave 4 followed by the 5th and final bearish wave towards $47-$50
Update to this idea > Looks like wave 2 (or B) has completed now in the start of either wave 3 or wave C. If wave C of correction then may bounce and a new high from the 57$ level. If wave 3 then the 1.618 extension is at 53$. I prefer the 5 wave impulse move as it fits my larger timeframe view here >
Update to these ideas: Possibly in the impulsive waves down now, wave 2 up to 64XX then down for impulse wave 3
Slight variation on this smaller timeframe count > Looks like the 5 waves down are complete followed by a rise in price to 0.5 level, before a sell off. Could be wave 2 or B complete which fits with this larger timeframe count >
Oil might be in a triangle for wave 4 (white), break out downwards might occur if it is wave 4, possibly hitting one of the extensions around 58/59/60, depending where wave E of 4 ends.
Update on this idea > Oil hit 1:1 extension (measured move) and strong resistance, possibly completing a correction to the fall from $76,88 to $42,40. Could now start the post correction impulse waves. Weekly candle looks like a bearish pin bar and possible bearish divergence on MACD:
Oil hit measured move (1:1 extension); could see a move downwards from here, impulsive or part of a more complex correction
Follow up on this theory > Appears the correction is in full swing now, looks like a WXYXZ completed for the white B wave shown in this chart > Very difficult to get anywhere near to predicting a complex correction such as WXY or WXYXZ but I'm thinking something like shown in the chart here, down towards to 50% Fibonacci level, then up to $60+. There is a...
Update to long term correction ideas. Looks like C wave has now completed after hitting the 0.5 extension on Friday and dropping quickly. It could be that ABC is complete, correcting the whole move from $77 to $42, a new low below $42 may come but I think there might be a bigger complex correction (WXY) in play which could see a 50% correction to $50, then up...
Could be completion of an ABC correction at 5738. Alternate is only wave 3 of impulsive move was complete (in red), if price turns up from the .382 level there could be a 5th wave and a new high. There appears to be bearish divergence on daily timeframe so a new low may occur which would fit with the ABC