Ive been calling for BAT to go down for a long time now with my previous posts, so far its exactly what it's done. And its only looking more bearish to me. Now I will try and look at it from a bigger picture.
The current momentum from X wave on way down seems to me as a 5 wave Impulse (will be confirmed once we see the final wave 5 head lower towards the 11c range).
A 5 wave move down as an impulse means the overall structure is not done and is likely much larger, the last leg should be in 3 waves per Elliot count before a major bull run can start.
So I will be expecting another B of larger X to take structure, a .618 fib retracement of previous X is a good expectation. After which a bigger final leg Z should take place. And unfortunately towards the end of 2020 i will be expecting new all time lows for BAT. Keep in mind, it was nearly worthless beginning of 2019 so heading back below 1c is a very possible - in my eyes likely scenario.
Do i want it? absolutely not, i believe in this coin and its success. But im just not seeing the confidence in the market for the 2020, and a bigger correction could take place.
This is my new primary count. I will check back every few months to see how it tracks along.
Not a financial advice, just my analysis.
The current momentum from X wave on way down seems to me as a 5 wave Impulse (will be confirmed once we see the final wave 5 head lower towards the 11c range).
A 5 wave move down as an impulse means the overall structure is not done and is likely much larger, the last leg should be in 3 waves per Elliot count before a major bull run can start.
So I will be expecting another B of larger X to take structure, a .618 fib retracement of previous X is a good expectation. After which a bigger final leg Z should take place. And unfortunately towards the end of 2020 i will be expecting new all time lows for BAT. Keep in mind, it was nearly worthless beginning of 2019 so heading back below 1c is a very possible - in my eyes likely scenario.
Do i want it? absolutely not, i believe in this coin and its success. But im just not seeing the confidence in the market for the 2020, and a bigger correction could take place.
This is my new primary count. I will check back every few months to see how it tracks along.
Not a financial advice, just my analysis.