Good afternoon everyone. I've been going over possible counts this afternoon and found something interesting. I've been expecting a reversal off this previous low but that reversal may not happen. The good news would be if this is the proper count then this correction will be over shortly.
Okay so what is the target for a Bullish reversal and the end of this Bear market.
Well it all depends on the market, if the 3rd wave comes in at 4700 then I would expect the 5th wave to push to a min. of 3600. But when I look at this and consider that this is the end of a long correction I would imagine that we could have a lot of capitulation selling in that 5th wave. Couple that with the fact that the long term trend line is sitting right there at 2500 and the 3.618 is sitting on top of it, that does offer a juicy area for a buy.
Either way it gives me a road map for a drop from these levels. If we do see BTC break up from this area then I would not expect this Bear market to be over for quite some time but we'll have to see what unfolds over the next few days.
Prosperous trading everyone,
These are just my ideas for my trades and should not be considered advice for your trading strategies.
Okay so what is the target for a Bullish reversal and the end of this Bear market.
Well it all depends on the market, if the 3rd wave comes in at 4700 then I would expect the 5th wave to push to a min. of 3600. But when I look at this and consider that this is the end of a long correction I would imagine that we could have a lot of capitulation selling in that 5th wave. Couple that with the fact that the long term trend line is sitting right there at 2500 and the 3.618 is sitting on top of it, that does offer a juicy area for a buy.
Either way it gives me a road map for a drop from these levels. If we do see BTC break up from this area then I would not expect this Bear market to be over for quite some time but we'll have to see what unfolds over the next few days.
Prosperous trading everyone,
These are just my ideas for my trades and should not be considered advice for your trading strategies.