Too perfect to ignore? The perfect bear setup...
This whole time I mapped a 5 sub-subwave down (yellow) for the subwave A of an ABC correction (ABC correction is intermediate wave 4). However, the subwave B never looked right. I tried an ABCDE sideways correction, but still it looked wrong in relation to the 5 wave down. However, now with this impressive pump up to 
39K, we have what appears to be a perfect looking B subwave (light yellow), paving the way for a C subwave down to complete wave 4. Admit it: look at it! It's a textbook ABC shape!
But of course, this impressive pump from
29K to 39K could be just subwave 1 of wave 5 - I will be looking at the price correction to see what eventually plays out.
Note: I am not biased toward bearish, however, having lived through the Crypto winter of 2018, I am not surprised by massive pumps followed by massive drops. If you look at the wave structure of Major Wave 3 (to 20k), Major Wave 4 (to 3k) and the current Major Wave 5 that we're on - they're pretty perfect when it comes to Elliott wave. We will see, and as always adjust our thinking on the fly.
39K, we have what appears to be a perfect looking B subwave (light yellow), paving the way for a C subwave down to complete wave 4. Admit it: look at it! It's a textbook ABC shape!But of course, this impressive pump from
29K to 39K could be just subwave 1 of wave 5 - I will be looking at the price correction to see what eventually plays out.Note: I am not biased toward bearish, however, having lived through the Crypto winter of 2018, I am not surprised by massive pumps followed by massive drops. If you look at the wave structure of Major Wave 3 (to 20k), Major Wave 4 (to 3k) and the current Major Wave 5 that we're on - they're pretty perfect when it comes to Elliott wave. We will see, and as always adjust our thinking on the fly.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.