I've read countless predictions of the end of the bear market in 2018, none of which have panned out. However, this time there is a tremendous amount of evidence showing it is at the terminal end. The "bear market" seen in the last 7 months has been cycle degree wave II, and it was preceded by cycle degree wave I, which culminated in the huge bull run of 2017. July 28 2018 will mark the birth of cycle degree wave 3, which is the most extended and most violently upward impulsive wave.
Cycle degree wave II is a 3(A), 3(B), 5(C) flat. The chart says a lot so I will focus on primary degree wave C, in white. Considering the triangle pattern that has contained it, wave 1 was the biggest, and wave 5 will be the smallest. Minor degree wave 3 formed a nice column that spanned May and June. Minor degree wave 5 is likewise in the midst of forming a falling column (see my previous related post "July's Falling Column").
Please review the Hurst Cycle analysis on BTC completed by "Cycle Dawg."
swingcycles.blogspot...-9-2018-outlook.html
He is a very well respected cycle analyst and he shows BTC has already started a new 9 month cycle. Also notice BTC started its current 5 week cycle on June 24, and the current 5 week cycle ends on July 27th. A new one starts on July 28th. Now notice Intermediate degree wave 4, which was an upward wedge, started on June 24. Wave 4 peaked near the top of the cycle, and it has been declining as the cycle has been finishing up.
The triangle within Minute degree wave 4 of Minor degree wave 1 of intermediate degree wave 5 showed a trend line, which started the formation of the column for intermediate wave 5. This was our first clue to the start of a 5 wave impulse downwards. Minor degree wave 2 is finishing up and forming a bear wick, following the top of the column before re-entry. It has resistance at 6380 from the bottom of Intermediate degree wave 1, and it also has resistance at 6440 from the bottom of the triangle formed during cycle degree wave II, and it completed a flat pattern topping at 6380.
The final Minor degree wave 5 column lines up perfectly such that BTC hits the bottom trend line of the column near 4184 on July 27th, at the end of the current 5 week cycle. You can see by use of the Fibonacci Extension tool, that if wave 5 ends here, it makes wave 5 exactly one half that of Minor degree wave 1. It also puts Minor degree wave 5 and Mindor degree wave 3 near 1.618 of wave Minor degree wave 1.
Cycle degree wave II is a 3(A), 3(B), 5(C) flat. The chart says a lot so I will focus on primary degree wave C, in white. Considering the triangle pattern that has contained it, wave 1 was the biggest, and wave 5 will be the smallest. Minor degree wave 3 formed a nice column that spanned May and June. Minor degree wave 5 is likewise in the midst of forming a falling column (see my previous related post "July's Falling Column").
Please review the Hurst Cycle analysis on BTC completed by "Cycle Dawg."
swingcycles.blogspot...-9-2018-outlook.html
He is a very well respected cycle analyst and he shows BTC has already started a new 9 month cycle. Also notice BTC started its current 5 week cycle on June 24, and the current 5 week cycle ends on July 27th. A new one starts on July 28th. Now notice Intermediate degree wave 4, which was an upward wedge, started on June 24. Wave 4 peaked near the top of the cycle, and it has been declining as the cycle has been finishing up.
The triangle within Minute degree wave 4 of Minor degree wave 1 of intermediate degree wave 5 showed a trend line, which started the formation of the column for intermediate wave 5. This was our first clue to the start of a 5 wave impulse downwards. Minor degree wave 2 is finishing up and forming a bear wick, following the top of the column before re-entry. It has resistance at 6380 from the bottom of Intermediate degree wave 1, and it also has resistance at 6440 from the bottom of the triangle formed during cycle degree wave II, and it completed a flat pattern topping at 6380.
The final Minor degree wave 5 column lines up perfectly such that BTC hits the bottom trend line of the column near 4184 on July 27th, at the end of the current 5 week cycle. You can see by use of the Fibonacci Extension tool, that if wave 5 ends here, it makes wave 5 exactly one half that of Minor degree wave 1. It also puts Minor degree wave 5 and Mindor degree wave 3 near 1.618 of wave Minor degree wave 1.
Comment:
We need a slight modification on this count in order to accommodate yesterday’s spike and the decisive breach on the column. Intermediate degree wave 4 needs to shift such that the June 24 rising wedge is minor wave A. What I called minor degree wave 1 of intermediate degree wave 5 becomes minor degree B of intermediate wave 4, and wave 2 becomes C. Wave C is .618 of A. Intermediate wave 5 has started.
Comment:
Here is the minuette degree count of minute degree wave 5 of C.