using a semilog chart the target for wave 5 is about USD 28,000 semilog is more suited to bitcoin market behavior rather than using arithmetic scale
1st impulse wave of primary wave 5 of this expanding leading diagonal. primary wave 5 will be a zigzag all the way to somewhere near 3000. draw a trendline connecting primary 1 and primary 3 to get an idea i don't like recent charts of bitstamp, btcchina, bitfinex. they all have a fake spike down. btc-e has the only clean chart
bitcoin chart pattern is similar to silver. silver too seems to have an expanding diagonal also
today primary wave 4 was invalidated as a normal impulse wave as the market moves into primary wave 1 terriroty. the pattern looks like a large expanding leading diagonal that is the only pattern which makes sense to me, typically wave 5 ends just before touching the 1-3 trendline
the channel lines tilted few degrees down because of the recent drop so the primary wave 5 target to be conservative also dropped a bit. but could easily spike to 7K or 8K. 5256 is the minimum where wave I=wave III so once the market climb above 5.2K one should be alert if you are a short term trader and try to hedge your position
whatever the minor wave count for wave 5 is doesn't really matter. it could be a standard impulse wave or expanding diagonal or contracting diagonal whatever it maybe lets ignore it for now. there is no need to even count it im going to assume minor wave 4 is in the correct position because it looks obvious it is. starting at intermediate wave (4) we can measure...
i believe wave 5 was an expanding diagonal. there was no invalidation of primary wave 4. primary wave 5 is unfolding now to all time highs. 7K-10K seems reasonable for an upper channel target for primary 5/cycle III
at first i thot it was a leading diagonal, but wave 1 was smaller then 3 so i assumed it part of an extending 3. macd also show bearish diveregence between 3 & 5. im labeling it as a LD because of leverage trading watch wave 3 start soon. it should be very powerful move to 354 (or 400 if it extends)
wave 1 is in progress. the 3rd wave seems to be extended
it usually takes 1/3 to 1/2 the time it takes to form the ending diagonal for the market to completely retrace the pattern. by jan 24 market should trade at 450+
the price action is no longer contained within the channel as you can see. that means the correction was a higher degree wave. i also had an invalidation of my wave 4 so this isn't a wave 4 correction any longer but a wave II (bigger degree) correction. according to rules and guidelines of elliott wave principle wave three must never be the shortest wave so it...
max downside for the 5th wave of the ED is 100% of the length of 3rd wave. 248.87 ED is almost complete.
wave 5 is almost done or already over missing data/time make it more difficult to use trading view
expanding diagonal c wave. wave 2 seems to be complete. wave 3 is in progress
wave 2 seems complete. c wave was an ending diagonal wave 3 is in progress
i believe the first wave in this bull market is an expanding leading diagonal. 5 is 1.618 of 3