Substratum has been continuing it's corrective pattern, and now looks like it's Wave B is underway, possibly the top is in.
My assumption that we're now on a Wave B, is because the wave "A" area is broken into a clear 5 wave impulse down, and the B when viewed on a smaller time frame looks like it only has 2 impulses up.
Using Fib Ratio analysis, I think the wave C landing spot for Substratum will be around 0.00007, give or take 0.000003 or so.
We'll see once we hit that area. It could unfold into a larger and more complicated corrective pattern, but the time ratio from the impulse wave up (16 days) is already past 0.618 (12 days), so we should be nearing the end. Also, Wave 2 corrective pattern took 20 days, so that's also around a 0.618 ratio to this current correction.
In an interesting twist, the time ratio of Primary wave 1 to it's corrective pattern was about 0.382 (up) - 1 (correction). So if wave 4 corrects in the same way that wave 2 does... well...
This correction would go for another 3 weeks. =(
Lets hope not.
In theory, Wave 4 won't take as long to correct as Wave 2 did, since wave 2 was a Triple ABC pattern. Shouldn't have 2 of those in a major cycle right?
This is the best case to why we may alrady be done the correction. If the price breaks clearly above 0.00009 then it's safe to assume we're in an uptrend.
If it breaks below 0.000075 then we're still downtrending.
My assumption that we're now on a Wave B, is because the wave "A" area is broken into a clear 5 wave impulse down, and the B when viewed on a smaller time frame looks like it only has 2 impulses up.
Using Fib Ratio analysis, I think the wave C landing spot for Substratum will be around 0.00007, give or take 0.000003 or so.
We'll see once we hit that area. It could unfold into a larger and more complicated corrective pattern, but the time ratio from the impulse wave up (16 days) is already past 0.618 (12 days), so we should be nearing the end. Also, Wave 2 corrective pattern took 20 days, so that's also around a 0.618 ratio to this current correction.
In an interesting twist, the time ratio of Primary wave 1 to it's corrective pattern was about 0.382 (up) - 1 (correction). So if wave 4 corrects in the same way that wave 2 does... well...
This correction would go for another 3 weeks. =(
Lets hope not.
In theory, Wave 4 won't take as long to correct as Wave 2 did, since wave 2 was a Triple ABC pattern. Shouldn't have 2 of those in a major cycle right?
This is the best case to why we may alrady be done the correction. If the price breaks clearly above 0.00009 then it's safe to assume we're in an uptrend.
If it breaks below 0.000075 then we're still downtrending.
Comment:
Sub has definitely started it's 5th Primary Wave. Will post an updated chart tomorrow.
My guess at this point is that it won't reach target C again (it did briefly at the end of wave A)
But at this point it looks like the price range is narrowing in expectation of a break up. May be a good time to look at acquiring a position, though be careful as the break could go down. I'm expecting one more price drop in the candle to form an "E" wave, at which point it'll pick a direction and go. My money's on up. Obviously.