Estimating that Gold is making a Cup and Handle on the hourly chart finishing a micro correction.
Measured move target correlates with Fibonacci Extension 127.2% target around $1680 which I estimate will be hit by March 2nd.
Trying out Fibonacci Channels, Elliott Wave counts, with Fibonacci Extensions and Retracements correlations for price and date targets
Wave 2 finishing around $8200 (50% of wave 1) Right around the halving
Wave 3 finishing around $18000 (161.8% of Wave 1) Date target May 20th
Wave 4 and 5 are questionable and dependent on Wave 4's behavior
Could Barrick Gold make a multi year Leading Diagonal?
Could we see $37 in Sept 2021 hitting the 161.8% extension of wave 1?
Then to retrace 38.2% by March 2024 to $24 before finishing the leading diagonal at $55 in March 2026
Could the leading diagonal end at the previous ATH back in 2011?
Such a long term estimate is difficult but I would like to come back to...
Silver has been regaining strong momentum
I attempted to label the waves as best as I could
Estimating we are in wave 3 of 5.
On the Daily chart:
Momentum pushing above Keltner Channels
10/20 EMA cross
RSI has crossed above 60
Using Fibonacci extension tool on wave 5
Pulling from Dec 7th as the start of wave 1
to $18.80 end of wave 1 and then...
This is my current views and estimate of the current Bitcoin movements.
It seems to me that the move from Dec 16th to Jan 20th has made a Leading Diagonal as a wave 1.
Currently we seem to be losing short term momentum and am thinking we will make wave 2 of wave 3 in a cycle.
Wave counts were made using Fibonacci retracement and extension tools but are rough estimates.
Looking at the SPY, I have tried to identify wave patterns.
My current view is that we are finishing up wave 3
near the 2.618% extension of wave 1 at around ~$365
Wave 3 looks to be extended with 5 sub divided waves which also contains an extended sub third wave.
Wave 4 corrective target is set to $250
at the 23.6% retracement of wave 3.
This would have the wave 4...
Looks like Bitcoin is preparing to make its final drop to $5400
which is the 78.6% retracement from $3k to $14000
setting up a nice launch pad to send us to new all time highs!
We could break through the channel with force or maybe see slight resistance dragging us along $5500ish
but as soon as we break the channel after bouncing from $5400 we will see the new...