BTC Target of 5,200 on 3rd September and then 36,000 : Theory!
A speculative theory that after 5 impulse waves we are now on corrective wave C.
If this is the case then wave C is a contracting diagonal and we have (or are just about to) complete wave 4 (terminating at 61.8% retracement ) and are about to enter the final wave of the ABC corrective.
If this is correct then the final wave 5 of the contracting diagonal corrective wave C could have a likely extension of 78.6% which if it were to hit that extension on the trend line would give an approximate price of 5,200 on or around the 3rd September 2018.
IF this is the case then the previous 5 waves count as wave 1, this correctional a wave 2 and we would be entering wave 1 of wave 3 continuing the uptrend.
This is purely a speculative theory and could project us into a wave 3 extending to approximately 36,000.
The other possibility is that we are in fact in a downtrend and this is only wave 3 in which case we have a long way down still to go!
If this is the case then wave C is a contracting diagonal and we have (or are just about to) complete wave 4 (terminating at 61.8% retracement ) and are about to enter the final wave of the ABC corrective.
If this is correct then the final wave 5 of the contracting diagonal corrective wave C could have a likely extension of 78.6% which if it were to hit that extension on the trend line would give an approximate price of 5,200 on or around the 3rd September 2018.
IF this is the case then the previous 5 waves count as wave 1, this correctional a wave 2 and we would be entering wave 1 of wave 3 continuing the uptrend.
This is purely a speculative theory and could project us into a wave 3 extending to approximately 36,000.
The other possibility is that we are in fact in a downtrend and this is only wave 3 in which case we have a long way down still to go!
Comment:
Comment:
Comment:
We hit the buy in entry and opened the long trade.
Took partial profits of 50% at 7,500 and raised the stop loss.
Will take 25% profits at 7,600 and raise the stop loss further.
Waiting to see how high this pullback will head up before deciding on a short entry.
Will post a new chart when it becomes a little clearer and post an update here.
Took partial profits of 50% at 7,500 and raised the stop loss.
Will take 25% profits at 7,600 and raise the stop loss further.
Waiting to see how high this pullback will head up before deciding on a short entry.
Will post a new chart when it becomes a little clearer and post an update here.
Comment:
This is going right on as predicted so far...
