This follows my bearish outlook for BTC and XRP, most everything.
We are close to completing 5 up from the very beginning...meaning a DEEP 2nd wave correction is near. The likely stopping areas are noted, log Fib levels. We could still hit $11 area prior to topping.
This is the weekly chart, so nothing happens overnight, it's just something to be aware of and the depth.
I think we are only half way through this correction that started Dec 2017. This should be the final leg down for a 2nd wave. This also follows my Expanded Flat in BTC. SNX also looks as if it has about completed 5 waves up
for a 1st. This is not the time to be long. There will be VERY good buying opportunities in the future.
Sentiment is at an EXTREME...
We could be looking at an Expanded Flat all the way down to $2K-$4K...possibly lower. The extremes along with the fact that we have 3 waves off the bottom (around $3K) means to me, we are still in this correction that started Dec 2017.
BTCUSDSHORTS at EXTREME low levels. Look at all other extremes and you will see the inverse tops and bottoms. Large number of...
It appears as though either the green (4) or red (ii) are playing out. We should start with a strong wave (3) up “soon”. My only concerns are, BTCUSDSHORTS are EXTREMELY low, which is typical of a top.
Failure to hold $7323, the previous low, would negate the above, short term at least. That said, we are still in a bull market.
This is really just a continuation...
It appears we are moving down in 3 waves, giving a possible Ending Diagonal for a bottom. I would expect a bottom near $0.10 with a thrust up to the beginning, around $0.79
Anything above around $0.43 would negate this outlook. The alt count in neon green (a Flat) would be in play, meaning still one more low.
We need to see overlap in green waves 1 and 4 ($0.0203), but this overlapping structure has the possibility of an Ending Diagonal with a thrust up. It appears we are moving down in three waves. This would also go hand in hand with the move up being the beginning of a Third Wave.
I found a new site, where (BTC) fear is at an extreme. If you follow Elliott Wave...
See my previous comments on other charts. This chart claims short, but there is a likely pattern that takes us to $11500 then much lower. Overall short to $4500-7800 but expecting $6600.
I am definitely watching BTCUSDSHORTS and extreme sentiment. Orange line is BTCUSDSHORTS
If you look at BTCUSDSHORTS (Orange) vs. price action, you will notice that at extreme levels, price action does the opposite. Note when we were approaching $20K, there were an extremely low number of shorts. This is in support of my red wave 2 Circle in this chart and previous ones. We still have more downside. Around when wave 2 Circle is nearing completion, I...
This is really just an update on the linked chart below...I really am surprised how long this has taken but I still think wave 1 Circle is in and maybe 2 Circle.
I'm not sure how this fits in with BTC...BTC MAY have seen a shallow correction, but I doubt it.
The target is around $0.25 for a "short-term" trade...then a major correction in wave (ii).
This is really just a follow-up on my previous BTCUSD chart....now looking at short opportunities.
The 50% is around $6600
0.618 is around $5500
0.764 is around $4500
If we hit $8K rather rapidly (days/week), I would expect a more complex correction.
The upward projections are using Log Fib extensions and are based on a low of $6600 for wave 2 Circle....which...
The two orange boxes are potential targets for waves (4) and (5). Once we complete 5 waves up (wave 1 Circle) from ~$3200, expect a sharp move down for wave 2 Circle. $5900 is the 0.382 Fib
Fifth waves are known for extreme extensions in BTC.
We need to see more overlapping, but this could be a sign that wave 1 Circle is nearly in and expect a significant immediate decline. I would suspect all other coins will follow. I am not short right now, but am watching for more signs. I would expect BTCUSDSHORTS to drop nearing the top of the Ending Diagonal, if that's what's playing out. This could take a...
Short-Term $1000 correction.
It appears we have nearly completed wave (3). As soon as this is complete, expect a ~$1000 correction for wave (4). Between $6000 and $7500 we are in risky territory of wave 1 Circle being complete and a deep correction for wave 2 Circle.
This is really just an update on the linked chart below, so nothing has...
Note gray primary wave 2 circle at bottom of chart (red arrow). Another way to see TRX is that we completed wave 2 primary and we are headed MUCH higher ($90 area for primary wave 3 circle) in the next 1-3 years.
The outlook has not changed...other than the placement of the converging lines and timeline. See previous post.
Whether this is an Ending Diagonal or not, this all looks like a corrective move down for wave 2 circle.
So far, we have been moving up and down in three waves. Outlined in green is another possibility, an Ending Diagonal for a C wave of a 2nd, with a thrust up on completion. So far, I don't see any impulsive moves to the downside. This all looks corrective to the last move up in wave 1 circle.