BCH-Rock-n-Roll-Wave Analysis-Extending 5th

BITFINEX:BCHUSD is ready to rock-n-roll.

This is a trade for the extending 5th wave. The main trading method that I apply is Elliot Wave Theory with some indicators for confirmation.

I did extensive analysis in the related idea BITFINEX:BCHUSD-BREAKOUT-EXTENDING 5TH).


Review:

We have completed Waves 1, 2, 3, and 4 (ending).

Wave 3 Extended over 700% of Wave 1. After Wave 3, a rare expanding diagonal triangle formed which according to Elliot suggest that Wave 5 will extend as well. This could be a rare Wave where there are two extended impulse waves. Don't forget that we already completed higher degree waves 1 & 2 (Cycle Waves). Also, it is impossible to know exactly where the terminal point of a extending wave will end. But, we will try our best to figure that out because there is just as much money to be made in corrections.

Let's review the charts:

We have a Micro-Wave ready to fly...

Key target: 1.618 ($562)

Anticipated Terminal 5th Wave Target: $760-$725


Turn up the music!

Will update.

-AB

Comment:

Wow...

Comment:

Important to note:

Corrections often alternate

When we get two extensions in a five wave sequence and they are the third and fifth waves respectively, there is an even greater chance for a sharp correction once the extended fifth wave is completed.

Comment:

Comment:

Comment:

Still looking good...

Comment:

ZigZag Correction (Above)

Comment:

40,000 FT VIEW

Comment:

Spiral Intersections are important and usually note a price-action move.

Comment:

Noted STOP.

Comment:

Comment:

Sub-Wave 3=$529

Comment:

Comment:

Comment:

Comment:

Bears are putting up a good fight...

Stay the course...

Comment:

Comment:

Comment:

Bears out of ammo?

Comment:

Looks like it...

Comment:

Still need to complete the 5 sub-waves...

We are getting closer.

Comment:

Hypothetical Price-action...

Comment:

Comment:

3 Min:

Extending S-Wave 3

Comment:

Comment:

Correction(Above): Not Extending S-3.

*Price Action could have possibly extended

Original Analysis was correct.

Shorter the tic length the more challenging it is to count waves.

Comment:

Stay the course...

Comment:

Comment:

Looks like a whip...

Comment:

Comment:

5 Sub-Waves

Breakout or Another set of 5-3-5?

Comment:

Comment:

Micro-Wave

Holding the line....

Comment:

Comment:

Comment:

STOP: RED TRENDLINE

Comment:

Reminder: Wave 2 can retrace up to 100% of Wave 1.

Make sure stops are below the beginning of Wave 1.

Comment:

Micro-Wave didn’t hold...

Comment:

504-505 is Critical

Comment:

Stay the Course...

Comment:

Comment:

Looking to test 21 EMA

Comment:

Comment:

Comment:

It will be back up in no time...

Comment:

See you in the AM.

Stay the course...

Comment:

Comment:

Comment:

Let's see what we got going on this AM.

I think we have a Wave formation here.

Comment:

Comment:

Comment:

Bottoms Alternate

Comment:

Complex, Spike, Complex....

Comment:

Comment:

Stay the course...

Comment:

Comment:

Comment:

Comment:

Comment:

Comment:

Comment:

Extending S-3?

Comment:

Momentum is building...

Longer time-frame 30-60-90 shows high momentum...

Shorter time-frame 3-6-9 trending higher....

Comment:

Bears are folding...

Comment:

Comment:

Comment:

Comment:

Breakout imminent...

Comment:

Comment:

Key Target is always the golden ratio...

Comment:

Comment:

Comment:

Comment:

I bet a lot of people got washed out last night and are going to be chasing this move...

Comment:

Breakout Alert...

Comment:

Volume Flow

Comment:

Comment:

imminent...

Comment:

Comment:

Comment:

ZigZag Correction Ending...

Stay the course...

Comment:

Comment:

Just finished another "ABCDE" Correction...

Comment:

Ladies and Gentlemen,

The time has arrived...

Comment:

Comment:

Comment:

Above: Last 'E' Wave...

Comment:

Expect an Extended 5th...

Comment:

Comment:

Buyers are starting to come in...

Comment:

Comment:

Comment:

Comment:

Comment:

Breakout Alert...

Comment:

Comment:

*Correction

Comment:

Comment:

Comment:

Comment:

Comment:

Comment:

Weis Wave - Increasing Buyers + Decreasing Sellers

TEMA RSI - High Strength

....

Comment:

Comment:

Comment:

Staying the course...

Comment:

Please be the breakout!

Comment:

Comment:

Comment:

21 EMA is support.

Comment:

Comment:

Slow moving CAT 5 Hurricane.

Comment:

Building solid support.

Comment:

Comment:

1HR needs to cross 21 EMA for the breakout.

Comment:

Comment:

Comment:

Comment:

9 Correction Waves (Complex)

Comment:

Comment:

Comment:

Comment:

Excuse me...

Officially 10 Corrective Waves...

BOO-YAH

Comment:

That was exhausting...but worth it.

Comment:

Target 1: 550

Target 2: 590

Target 3: 760-730

Comment:

Follow the Spirls for Hypothetical Price-action...

Comment:

Shorts will be getting alerts and will be scrambling...

Comment:

Comment:

Sub-1 & Sub-2- Fibonacci 1.618 Extension

Price broke strongly above...

Extending 3rd S-3

Comment:

Comment:

Note for Higher degree 3rd waves.

Wave degrees often correlate with each other.

Comment:

CAT 5 Hurricane approaching about to make an impact.

Comment:

Comment:

Comment:

Comment:

OBV Divergence from price-action

Comment:

Comment:

Comment:

Keep Calm And Carry On

Comment:

Comment:

Chart will break down if we go below Wave 1 Terminal

Comment:

Comment:

Breakout Alert

Comment:

Comment:

Comment:

Comment:

Comment:

Comment:

Comment:

CAT 5 Hurricane is making landfall.

Comment:

Comment:

Bears are drying up...

Comment:

Bulls waiting for confirmation...


Who blinks?

Comment:

Reflex?

Comment:

Comment:

Comment:

Comment:

Comment:

Comment:

Comment:

Comment:

Last Call...

Comment:

Comment:

Comment:

Comment:

In the eye of the CAT 5...

Comment:

Comment:

Straight to $590...

Comment:

Comment:

Extending S-3?

Comment:

Comment:

Comment:

Higher (Yellow)
Lower (Blue)

Comment:

Comment:

Comment:

Comment:

Comment:

Comment:

Comment:

All ABOARD!

Comment:

Comment:

Here we go...

Thread getting long.

Will be updating with new idea shortly.

Comment:

The longly anticipated extending 5th Wave!

Comment:

Underscore LONGLY.

-AB