This BTC corrective pullback from 9550 approx is very much ZigZag corrective wave
so whats ZigZag ?
its...
5-3-5
A-B-C
(1235)-(abc)-(1235)
- Subdivision of A and C is 5 waves, impulse or diagonal
-B can be of any corrective nature
Fib ratio relationship:
B = 50, 61.8, 76.4 or 85.4 % of wave A
C = 61.8, 100 or 123.6% of wave A
So if we look into these guidelines than at this current situation we are not sure if this wave will go further down to finish its last leg or not but if i have counted the 5 waves in C than it seems like its over and we are on an uptrend already.
RSI already formed a hidden divergence so my feeling is we are not going to touch 8500 zone.
We are already forming the 5th uptrend wave.
correct me if i am missing any count here.
Cheers guys
so whats ZigZag ?
its...
5-3-5
A-B-C
(1235)-(abc)-(1235)
- Subdivision of A and C is 5 waves, impulse or diagonal
-B can be of any corrective nature
Fib ratio relationship:
B = 50, 61.8, 76.4 or 85.4 % of wave A
C = 61.8, 100 or 123.6% of wave A
So if we look into these guidelines than at this current situation we are not sure if this wave will go further down to finish its last leg or not but if i have counted the 5 waves in C than it seems like its over and we are on an uptrend already.
RSI already formed a hidden divergence so my feeling is we are not going to touch 8500 zone.
We are already forming the 5th uptrend wave.
correct me if i am missing any count here.
Cheers guys
Trade closed: target reached
5 types of corrective waves
1. Zigzag (5-3-5)
2. Flat (3-3-5)
3. Triangle (3-3-3-3-3)
4. Double three
5. Triple three
So even if current formation is triangle, even than we have touched 3 times already (ACE) so its time to go up.