It's totally bullish sentiment around the main coin.
Maybe it's time to challenge that view?
I didn't watch bitcoin for a long time and the eyesight became clear and not biased or influenced.
So, looking at the clean chart I detected the intermediate corrective structure of a contracting flat WXY (blue labels).
That model retraced the preceding wave (W) (white)...
the metal is still within a complex correction.
the wave Y of (X) could have started to retest the former top around 30
then another drop will follow to complete the entire correction around 23.39
after that we will resume to the upside
The long awaited correction in oil has kicked off as we got beautiful impulse down with all 5 waves visible and clear.
It could be a wave A of (2). And I expect some recovery soon as another short opportunity.
The next leg target will be updated upon completion of the wave B.
The wave 5 of A is still in progress and could drop lower.
This is the updated map. Could be an ending diagonal in wave 5 to complete the first impulse up
It goes in line with the big map (see related) and also my forecast
that price should fill in the gap occurred when Saudis started price war this March
This is an update for the earlier map (see related)
Wave X could have built a triangle ABCDE.
All rules are obeyed.
Price should trigger the terminal point of wave D of triangle to destroy it below 41.30.
The target is the same
The price broke down the double three WXY of (B) corrective structure.
We got the pullback to the broken support.
Watch further break below minor support.
Wave (C) could retest the former valley of 34.34
See related Brent crude for education purpose - the overall structure is the same, but the current corrective structure in wave (B) differs.
The earlier idea could be completed as structure gets more complex with possible double three WXY to emerge.
The drop into blue box should occur then to make a wave X retracement.
Then the metal could hit 22.50 when another zigzag up in wave Y unfolds.
We got the first leg down (A) of the second drop ((W)) to complete the big consolidation (((4))).
I expect the retracement (B) to emerge soon to reach between 41.60 and 42.20
I highlighted the historical pullback with green ellipse for sample.
Another drop down (C) could undershoot at 37.51, ((Y))=((W)) or overlap beyond the terminal point of wave ((W)) below 36.99.
Earlier I posted maps for EEM consolidation (see related).
This last sharp move makes me thinking of a completion of the correction.
Then we got the contracting flat WXY.
Triangle could be the next alternative ABCDE.
Target will be at 75 then.
The price failed to tag the former top of 43.40, but it's ok and the huge flat correction goes as planned (see related).
We got move down and almost full retracement of it in place. Another drop is pending to complete the correction.
The minimum target is located at the former low of 36.99.
Trendline analysis and Wave analysis perfectly complement each other here.
The breakout to the upside was followed with the classic pullback to the broken resistance.
It was wave (W) and (X). Another rally in wave Y is expected to kick-off to tag the former top of 13880.
There will be even more room to the upside to overthrow that peak as wave (W) was long and if...
The corrective structure of double three WXY has been completed and we got the first impulse up.
It should be retraced in wave 2 and then the rally will resume.
Target area is in the blue box in the 18.80-19.30 range.
Current consolidation is a classic flat within double three WXY (white labels).
Which is in its turn is the wave ((X)) of the larger yellow degree - the junction between ((W)) and ((Y)).
After it gets completed another drop would follow to hit the blue box between 32.90 (38.2% Fib) and 29.70 (50% Fib).