Bitcoin - Textbook Elliott: Minor Degree Wave 4 Nears Completion
Completion of a Minor degree wave 4 of the Intermediate degree wave 1 is imminent.
A motive wave down for the Minute degree wave C should finish the flat correction. Since Minor degree wave 2 (ending early March 2020) was a zig zag, a flat correction should have been expected for wave 4 per the guideline of alternation.
A Minor degree wave 5 accompanied by a decrease in volume should follow as we push into new all time highs near $140,000. Expanding volume in wave 5 would suggests an extension reaching into the $350,000 range.
This point would mark the end of Intermediate degree wave 1 and would suggest a sharp zig zag correction will likely retrace 61.8% of all progress made between December 2018 and January 2022.
A motive wave down for the Minute degree wave C should finish the flat correction. Since Minor degree wave 2 (ending early March 2020) was a zig zag, a flat correction should have been expected for wave 4 per the guideline of alternation.
A Minor degree wave 5 accompanied by a decrease in volume should follow as we push into new all time highs near $140,000. Expanding volume in wave 5 would suggests an extension reaching into the $350,000 range.
This point would mark the end of Intermediate degree wave 1 and would suggest a sharp zig zag correction will likely retrace 61.8% of all progress made between December 2018 and January 2022.
Trade closed: target reached:
Downside target reached, will wait for a basing pattern to form before going long.