We are in an ABC correction with target 9300 (wave 4 bottom), in wave c or in wave v of A depending on how you count.
We have reached 10500 (50% retracement from 9300-11600) as expected and breached it, now a move further to 10200 (61.8% retracement) is likely, because you just can't resist the irresistible bear.
From there we will probably attempt to run away from Paddington, consolidate and:
1) move up in a B wave (50% retracement from 11600-10200) and then ultimately go down in C to 9300.
2) move up in C wave in an attempt to build a new, larger ABCDE leading wedge that will usher as in wave 1 of a major wave 3 of the up trend. See my previous post on how this is possible.
In both cases, we will reach local bottom and attempt to move up soon.
Good Luck! You can also check my status for the latest one-line TA updates on Bitcoin.
Please don't trade based on what some guy on the internet is telling you, this does not make you a trader. Don't let someone's analysis cloud your judgement. This is not a financial advice, merely an idea of what's to come. Trade at your own risk if you must. I'm not responsible for your losses.
We have reached 10500 (50% retracement from 9300-11600) as expected and breached it, now a move further to 10200 (61.8% retracement) is likely, because you just can't resist the irresistible bear.
From there we will probably attempt to run away from Paddington, consolidate and:
1) move up in a B wave (50% retracement from 11600-10200) and then ultimately go down in C to 9300.
2) move up in C wave in an attempt to build a new, larger ABCDE leading wedge that will usher as in wave 1 of a major wave 3 of the up trend. See my previous post on how this is possible.
In both cases, we will reach local bottom and attempt to move up soon.
Good Luck! You can also check my status for the latest one-line TA updates on Bitcoin.
Please don't trade based on what some guy on the internet is telling you, this does not make you a trader. Don't let someone's analysis cloud your judgement. This is not a financial advice, merely an idea of what's to come. Trade at your own risk if you must. I'm not responsible for your losses.
Comment:
Not a wedge, too steep to reach its target. Not an asc triangle - can't be in the beginning of a trend. Not wave iv. This is an abc correction, the (b) wave up. We will correct upwards to 10750, form a small up channel. then go down to 10200 in a wave (c)
Comment:
This setup worked. We have reached 10200 as expected and then destroyed it with an armor piercing bullet train moving faster than the speed of sound. That's some
price action!
price action!
Wave count allows this:
local bottom 10400
wave A and wave v (or iii) end at 10400
10400 is the beginning of abcde leading wedge
a,b,c in circles => wxy in circles (3 wave structures)
breaching 10530 will invalidate the wedge