Binance Coin (BNB) against Bitcoin (BTC) has been in consolidation for a while now, an ending diagonal may have formed if my Elliott Wave count is correct. To spot the end of the trend, look for a break above the diagonal trend line and retest and/or RSI trend line break.
DO NOT LONG RIGHT NOW
We still need to complete Wave 4 and Wave 5 of the ending diagonal's Wave C.
On a larger time frame EURUSD has completed Wave 1 and 2 and is going for larger Wave 3. Right now smaller Wave 1 of Wave 3 is forming and in that smaller Wave 1 we are in Wave 4. There's a chance the coming Wave 5 could be extended because Wave 3 did not break 161.8 Fib extension of smaller Wave 1 and 2.
Looks like we are in Wave 4 of some sort with an ABC correction. Currently in a Wave B channel with possible short opportunity when price action breaks the channel or RSI which ever comes first, to the $600-650 area.
I spotted a 5 wave wedge pattern near the near of the previous up trend which tells me there could be a possible Elliott wave ABC pattern forming. The B should not break the start of wave A because wave A is 5 waved. It would be possible to short wave B to wave 5 for a nice risk reward ratio. Aim to short at 50 or 61.8 fib of wave A.
Elliott Wave rules state, corrections always finish close to the previous wave 4 of one lesser degree. Right now we are in correction and previous wave 4 finished at 2356. Now there's an exception to this rule. IF corrective wave is sharp, then retracement will go to 50% (2032) - 61.8% (1708).
BTCUSD on a higher time frame just completed Wave 4. We are now looking at a sub Wave 1 and Wave 2 (still being completed). I've drawn a channel on the wave 2 correction, could become complex and could retrace 78.6% of Wave 1. Once channel breaks downwards we will likely hit $3000.
After today's pump, it's clear to me that we saw a wave 3 that broke a channel trendline I had. Look's like wave 4 is starting to form now, we could see price re-trace to $7300-7900 and then followed by a further push up.
The bearish trend for BTCUSD should be done from this latest rally.
Have not posted in a while, been busy with forex. Looks like bitcoin may have finished it’s extended Y-wave. There was an impulse wave which could potentially be a wave A. This possible wave 2 or wave B is a triangle pattern which just finished wave C and going for D and E if the count is correct.
Don't let the triangle or pennant fool you, it's not a bull flag. If it was a bull flag, you'd see 3,3,3,3,3 zigzag's. It's actually a corrective ABC where the C wave will end at 100 sats. Second piece of confirmation is C wave forming ending diagonal.
I thought that this triangle/flag was an ABCDE pattern but, in ABCDE patterns you need to find 3,3,3,3,3 wave'd zig zag's. Then I thought it would be an ABC pattern but the C looked super extended. What correction pattern has an extended C wave? It would be WXY pattern!
Again i'm new to fib time zone, wave 5 has already gone past 1.618 of wave 1 distance. The...
Just recently learned how to use Fib Time-zone so please go easy on me. Look's like Wave 4 is complete as there is some support on the bottom channel. Wave 5 is now starting and should be complete at around 40 cents USDT by Nov 12-21, 2019.
Looks like Aurora Cannabis has formed a 5,3,5 ABC zig zag correction. The C-wave should bottom out around $3.60 area. From there, we should see a motive phase to $24 if the 161.8% fib plays out late 2020.