Reach for the Lasers

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
* Elliott wave analysis using Kennedy channeling. Coloured lines represent channel multiples (Base = Blue, Acceleration = Green, Deceleration = Red) and act as dynamic support/resistance .

* This chart postulates a wave 4 correction of the larger downtrend in play. Wave 4 is postulated as an ABC structure with wave C in progress.

* The Green shaded box represents the target area assuming that wave C advances 100%-161.8% of Wave A. The dotted line represents wave C direction from movement thus far,

*Price should not leave the deceleration channel (Red); doing so would imply acceleration which would invalidate the assumption of a Wave 4 correction and would support the assertion of a market bottom and of the structure as a wave 3 rather than a wave C.

* Zoom out to see the channel reference loci (circled).


Nice analysis mate 👌
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