BitcoinShort
[BTC Elliott Waves] 100K still seem some distance away in future
This is continuation of my previous analysis on INDEX:BTCUSD.
Right now, we can see clear 3-3 waves in w and x after making a peak in 3 at 99,661. This means wave y down is still pending. Wave y is typically the longest and the correction so far hasn't even been 38.2%. Further this, w-x-y is part of larger wave 4. And Wave 4s usually do 38.2% retracements. In this case, it's around 86,600.
One might counter saying that what I am considering wave x is actually 1-2-1-2 and not 3 waves. But if you would drill down to 4H then you can see that each leg itself is 3 waves so it makes me think the recent rise was wave x and y down is yet to happen.
Having said that, there is a possibility that wave x is actually a leading diagonal of sort in making. So this would be the bullish alternative but for this is happen, we need to see a move up above Friday's high of 98,750 next. Till this high holds, I would favor the wave y down outcome.
Right now, we can see clear 3-3 waves in w and x after making a peak in 3 at 99,661. This means wave y down is still pending. Wave y is typically the longest and the correction so far hasn't even been 38.2%. Further this, w-x-y is part of larger wave 4. And Wave 4s usually do 38.2% retracements. In this case, it's around 86,600.
One might counter saying that what I am considering wave x is actually 1-2-1-2 and not 3 waves. But if you would drill down to 4H then you can see that each leg itself is 3 waves so it makes me think the recent rise was wave x and y down is yet to happen.
Having said that, there is a possibility that wave x is actually a leading diagonal of sort in making. So this would be the bullish alternative but for this is happen, we need to see a move up above Friday's high of 98,750 next. Till this high holds, I would favor the wave y down outcome.
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