Not much has changed from a EW point of view. We are still on track to complete wave 3. Now, the target is even farther up because of this drop. EW is flexible and is able to handle any "shocks". I'm labeling this 61.8% retracement as wave (circle) ii. Next target level for wave (circle) iii is 161.8% of wave one which is about 1944
OK, here is my ew count update. I was expecting a much larger expanding leading diagonal, but instead we got a smaller degree diagonal. I almost missed it! and was wondering why the market is melting up. At the moment, wave (iv) seems to be underway. Wave (iii) was 161.8% of (i) which is text book ratio
Here is my count so far of the sub waves of wave (3). I show an extended wave 3 which seems to be complete. The market is at the moment in a wave 4 correction retracing about 50% of wave 3. Note wave (3) isn't complete yet. After consolidating for some days I expect the market to resume moving higher to ~13K level before the intermediate wave (4) correction begins
Bitcoin seems to prefer to trend within a curve. Note how wave (1) only required drawing a small arc to contain all the price action. However, in order to contain the recent price action, wave (3), I had to draw a much bigger arc to best fit the curve to the recent price action. The straight line which intersects the arc and vertical line is there to show the top ...