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.
We could be on the verge of a 3rd of 3rd as outlined here. Once complete, "all" coins should have a significant rally....specifically the ones I follow....XVG/TRX
This move down best counts as a C wave for wave 2.
My levels/targets have not been calculated with any sense for accuracy and have just been eyeballed. This is just to show the general outlook.
Long term, not much has changed, other than the timeline, which I have extended to the right.
1. We have already completed 5 up and are now in a C-wave Ending Diagonal for the completion of wave 2.
2. We are within a Triangle for 4 of 5, THEN complete wave 1 circle.
Once BTC completes its 2nd wave retracement, I think we will see some serious action to the...
I think we completed wave 1 up on the 9th/10th @ $0.0355, which I now label wave 1 Circle. We are probably within wave (A) of an (A)(B)(C) correction of wave 2 Circle. $0.0198 is the 50%, $0.0173 is the 0.618 and 0.0146 is the 0.764 Fib levels.
Substantially higher once wave 2 Circle is in.
It is still possible that the bottom is in and we are working on 5 waves up with a 1/2,1/2 move. The next move up, if this is just that, should confirm. Anything other than a strong third of a third and it would question whether the bottom is in and that we need one more low. Note the gray A/B/C
(1) could also just be 3 circle, part of 5 up.
Slight change of...
New low or not, still looking for a bottom. If nothing else but basing it on the EXTREME level of BTCUSDSHORTS. We have never seen these levels. Bears are all-in!!!
Orange line is BTCUSDSHORTS
Everything is screaming that a bottom is near or in place.
IF it can hold up in time with the Ending Diagonal I think is playing out in BTC...which could have a couple/few days left until completion.
This COULD be a small Ending Diagonal for wave C of (2)...we need to hold the previous low where proposed wave (1) started.
This is just a general idea of where I think we are in the move up in BTCUSD. The main area being targeted is between $65K-$150K, although I need to see the first wave up (to nearly a new high of $20K) and down from around where we are now ....a 1/2 to project 3,4 and 5 (not to degree).
Orange line is BTCUSDSHORTS, the number of open leveraged short positions. At...
We have only had 3 waves down. There is positive divergence on Awesome Osc, MACD (not shown) also crossing up, or nearly so.
1. Red: The bottom is in and we have a (1)/(2) up. The depth of wave (2) was deeper than preferred, but still within Elliott Rules. I would want to see above $4250 to rule out the next options. If this is the (1)/(2) scenario, then wave...
IF the bottom is in, this is a possible scenario, first targeting the red area then the green, prior to a deep correction. Following this, and maintaining the last low, would give credence to the $5-24 target....expecting $14 over time.
The alt is, this 5 up was part of a 4th wave Expanded Flat, requiring one more low before making a lasting bottom. The reason I...
A couple of ideas
1. We are in wave 4 circle and require one more move up to complete 5 up (primary count)
2. We have already completed 5 up and now are in the gray 2 circle with MUCH higher to go. (secondary count)
These projections are using log fib extensions.