BTCUSD - Elliot Wave Analysis (Subwave 5)

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
I've been working a lot more with Elliot Wave theory today. Before now I wasn't happy with how I drew targets for top of Wave 5, but I've now got it figured out. My issue was transferring the length of Wave 1 to the bottom of Wave 4... I can't recall how I was doing this before but it was definitely wrong.

Pro-tip: Ctrl-Drag objects to clone them. :D With this knowledge, I clone my Wave 1 fib and move the 0 of that cloned fib to the bottom of Wave 4. This is all done on a logarithmic chart now. I get the $6220 top which has already occurred unfortunately. (This could have been pre-calculated however!)

Today we set a new all time high above $6220 but unless we hold above $6220 we won't see our next target of $6912. Second target is shown as $8031 should we hold above $6912.

Also shown is the Elliot Channels technique, this makes me think we won't see much past $6220.

It's been a rough ride the past couple weeks but I'm now short with confidence.

Next chart will contain down targets.


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