bitcoin Elliott wave and next moves. LONG TERM still BULLISH !!
hello friends
here i counted EW from primary to minuette. already we are in wave 4 of primary wave and Corrective Waves of minor
some information about wave 4:
At the end of wave 4, more buying sets in and prices start to rally again. Wave four is typically clearly corrective. Prices may meander sideways for an extended period, and wave four typically retraces less than 38.2% of wave three. Volume is well below than that of wave three. This is a good place to buy a pull back if you understand the potential ahead for wave 5. Still, fourth waves are often frustrating because of their lack of progress in the larger trend.
Fibonacci Ratio Relationship:
Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50%
some information about Corrective Waves:
The classic definition of corrective waves is waves that move against the trend of one greater degree. Corrective waves have a lot more variety and less clearly identifiable compared to impulse waves. Sometimes it can be rather difficult to identify corrective patterns until they are completed. However, as we have explained above, both trend and counter-trend can unfold in corrective pattern in today’s market, especially in forex market. Corrective waves are probably better defined as waves that move in three, but never in five. Only motive waves are fives.
There are five types of corrective patterns:
• Zigzag (5-3-5)
• Flat (3-3-5)
• Triangle (3-3-3-3-3)
• Double three: A combination of two corrective patterns above
• Triple three: A combination of three corrective patterns above
"" most likely we are in zigzag waves now
Fibonacci Ratio Relationship (Zigzag)
• Wave B = 50%, 61.8%, 76.4% or 85.4% of wave A
• Wave C = 61.8%, 100%, or 123.6% of wave A
• If wave C = 161.8% of wave A, wave C can be a wave 3 of a 5 waves impulse. Thus, one way to label between ABC and impulse is whether the third swing has extension or not
****good area for long is around 38.2 fibo of wave3 because most of time wave 4 is 38.2 of WAVE 3 but wait for my update. if i see correction is done i will update you here
and here are some of my previous analysis
here i counted EW from primary to minuette. already we are in wave 4 of primary wave and Corrective Waves of minor
some information about wave 4:
At the end of wave 4, more buying sets in and prices start to rally again. Wave four is typically clearly corrective. Prices may meander sideways for an extended period, and wave four typically retraces less than 38.2% of wave three. Volume is well below than that of wave three. This is a good place to buy a pull back if you understand the potential ahead for wave 5. Still, fourth waves are often frustrating because of their lack of progress in the larger trend.
Fibonacci Ratio Relationship:
Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50%
some information about Corrective Waves:
The classic definition of corrective waves is waves that move against the trend of one greater degree. Corrective waves have a lot more variety and less clearly identifiable compared to impulse waves. Sometimes it can be rather difficult to identify corrective patterns until they are completed. However, as we have explained above, both trend and counter-trend can unfold in corrective pattern in today’s market, especially in forex market. Corrective waves are probably better defined as waves that move in three, but never in five. Only motive waves are fives.
There are five types of corrective patterns:
• Zigzag (5-3-5)
• Flat (3-3-5)
• Triangle (3-3-3-3-3)
• Double three: A combination of two corrective patterns above
• Triple three: A combination of three corrective patterns above
"" most likely we are in zigzag waves now
Fibonacci Ratio Relationship (Zigzag)
• Wave B = 50%, 61.8%, 76.4% or 85.4% of wave A
• Wave C = 61.8%, 100%, or 123.6% of wave A
• If wave C = 161.8% of wave A, wave C can be a wave 3 of a 5 waves impulse. Thus, one way to label between ABC and impulse is whether the third swing has extension or not
****good area for long is around 38.2 fibo of wave3 because most of time wave 4 is 38.2 of WAVE 3 but wait for my update. if i see correction is done i will update you here
and here are some of my previous analysis
Trade active:
it reacted very good in 38.2 fibo
Comment:
Comment:
the good are for finishing this corrective waves is around 9150-9700 (Depends on the behavior of the wave of five)
*** attention
This corrective wave can be merged with another (12345) wave so the stop lose is very necessary or at least take profit in end of wave 3 after starting new waves
good luck