BCH-Wave Analysis-Extending 5th-Update
BITFINEX:BCHUSD
Wave 3 had traveled to over 400% projection of wave 1. It is interesting also to note that wave i within wave 3 was an extended wave by itself (special case). We then saw an irregular correction as wave 4.
The irregular wave 4 came down to the 23.6% retracement level. You already know that when a third wave extends, the ensuing fourth wave has a tendency to come down only by 23.6% of wave 3.
I have tried to project the possible end point for wave 5. But it has gone above the 61.8% measure of the distance from 0 to 3. Clearly, wave 5 is also extending, the rare case of two extensions within a five wave sequence.
Extending 5th should begin soon. Look for a sub-wave sequence to complete.
Will update.
-AB
Wave 3 had traveled to over 400% projection of wave 1. It is interesting also to note that wave i within wave 3 was an extended wave by itself (special case). We then saw an irregular correction as wave 4.
The irregular wave 4 came down to the 23.6% retracement level. You already know that when a third wave extends, the ensuing fourth wave has a tendency to come down only by 23.6% of wave 3.
I have tried to project the possible end point for wave 5. But it has gone above the 61.8% measure of the distance from 0 to 3. Clearly, wave 5 is also extending, the rare case of two extensions within a five wave sequence.
Extending 5th should begin soon. Look for a sub-wave sequence to complete.
Will update.
-AB
Note
Sub-wave
Note extending 5th
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Note
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Spiral Levels
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Note
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Smart Money on the move...Note
Above: On Balance Volume + Volume FlowNote
Here is the completed sub-wave.Time to go higher...
Note
Sub-wave didn’t hold...We should hold this level.
Note
Next up...
Extending 5th...
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Extending Wave 1?
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