As we've moved forward, Bitcoin has followed the related idea linked below very well. My count has not changed from that post. It appears that we are currently in a flat correction for the 2 wave of a major impulse downward. In the chart are some pretty extreme but possible targets for the continuation of this wave down. Any push past 6600 would have me doubting the count, but it appears that $6450 would be a solid zone to short from to me with stops around that 6600 mark. You could make a stop loss tighter, but I would then recommend opening short if we were to reach the golden pocket around 6550. Micro analysis of this C wave suggests that we will not get that high.
Additionally, I have removed my indicators so the wave count is easy to see, but I encourage you to look at a 12 hour Bitcoin chart back to the start of my proposed wave C with the RSI indicator on. You'll see SIGNIFICANT Hidden Bearish Divergence that suggests continuation of the downtrend.
Additionally, I have removed my indicators so the wave count is easy to see, but I encourage you to look at a 12 hour Bitcoin chart back to the start of my proposed wave C with the RSI indicator on. You'll see SIGNIFICANT Hidden Bearish Divergence that suggests continuation of the downtrend.
Comment:
It's also of note that there's a count where we could be in subwave 5 of wave 3. At this time, I do not lean toward that based on the target that was hit for the top of wave 4. I will be playing the move the same way either way though and will update later on if that plays out.
Comment:
Although this count is not *technically* invalidated, it is looking very week at this time. Anything over 8000 would completely invalidate the count.
