current most likely scenario:
we are in wave 4 which retraced 61.8% of wave 3 (to around 9200). and now we are forming the C wave of a flat triangle.
C wave of triangle = 61.8% of A and (E wave = 61.8% of C, D = 61.8% of B).
Enjoy the ranging, cheers!
5th wave was an ending diagonal.
5th of 5th wave was an ending diagonal.
5th of 5th of 5th wave was an ending diagonal.
all of these waves broke their respective channels to make a swift move up with high volume.
If you have read the holy bible of elliott waves, you would know that Elliott wave guidelines suggest that you:
1. draw a straight line from end of wave 1 to end of wave 3
2. draw a parallel line from the end of wave 2 (parallel to the line we made in 1.)
3.if end of wave 4 is not on this line, adjust projection for wave 5 by drawing a parallel line to the line...
Lol this should be a local top right around here. then we should continue down.
This chart has high chances of looking disastrously bad as well but whatever
PS, also we made an ending diagonal on 5 min chart. comment below if you wanna see that count.
After checking the 1minute chart on that deep wick. it seems that the wave 4 ended at the 38.2% retracement mark and was an irregular flat wave (wave c = 2.618x wave a).
Here are the targets for wave 5.
we have already crosses the 100% of wave 1 target.
remaining ones are 161.8% (double top or truncated wave 5) or 261.8% of wave 1 (around 9500$).
Here is my alternative EW take on BTCUSD
If we made this large ass Ending Diagonal for wave 5 of the C wave (which i earlier assumed ended the first time we reaced 5800$.
In this case, We are already into the 3rd wave of the first wave up (of the first wave up)
Here is the complete story explained in terms of EWs. The whole correction is a WXYXZ triple zig-zag wave. The second X wave was this huge triangle with base at around 6000 (ABCDE). Now we are some where in the final zig-zag wave ABC. Most probable count being that we are somewhere in the wave B and maybe at the end of it and onto C (which should take us to 85.4%...