Here I just did a EW recount on VENBTC. Looks like a major drop to 30k and even as low as 27k.
I have used the most probable length of W3 - 1.618xW1. The next likely is 2.618xW1 which would be a very deep drop. (If this happens, we could get to 78.6% retracement for VEN!
and standard most likely retracement of 0.382 for W4 and most likely 0.618 xW13 for W5. The next likely for W5 is 0.382 of W13. However if W1 and W3 are not extended, there is a chance for W5 = W1 so that will take us to around 30k which is exactly at the edge of the Golden Pocket (0.618-0.65)
Could this be the next move and the bottom for VEN?
Note : We still have W3, W4 and W5 so this could extend for many days to come so the graph will not be steep as pictured and if we take the previous 5-wave down, it took 2 weeks to complete, so it make take the same time to get to 0.65 retracement level for VEN.
Cheers
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I have used the most probable length of W3 - 1.618xW1. The next likely is 2.618xW1 which would be a very deep drop. (If this happens, we could get to 78.6% retracement for VEN!
and standard most likely retracement of 0.382 for W4 and most likely 0.618 xW13 for W5. The next likely for W5 is 0.382 of W13. However if W1 and W3 are not extended, there is a chance for W5 = W1 so that will take us to around 30k which is exactly at the edge of the Golden Pocket (0.618-0.65)
Could this be the next move and the bottom for VEN?
Note : We still have W3, W4 and W5 so this could extend for many days to come so the graph will not be steep as pictured and if we take the previous 5-wave down, it took 2 weeks to complete, so it make take the same time to get to 0.65 retracement level for VEN.
Cheers
If you like my post, a little donation would go a long way :-)
BTC: 13NJ4qSARAob9bPyhEJdQnkupakah4iNHd
BCH :qqvuf4testg5ymuj3kjetc0yzssrdv4zqq9yez83f5
Trade active:
It may not be obvious on the timeframe above, but if you look at the WEEKLY CHART, it is so obvious :
Comment:
CORRECTION : NOT Z-WAVE, Z-WAVE. SORRY FOR THE TYPO ERROR
Comment:
SORRY AGAIN, X-WAVE NOT Z-WAVE
Trade active:
We are almost there now, the end of the correction is near. This is a good time to prepare to look for the downtrend as the wave exits the Triangle and place your ladder buys.
WHILE MOST PEOPLE HERE ARE QUICK TO ASSUME THE NEXT MOVE WILL BE A BULLISH IMPULSE (WISHFUL THINKING OF BULLISH OVERSHADOWS TECHNICAL ANALYSIS MOSTLY HERE),
HAVING SAID THAT, PLEASE NOTE THERE ARE THREE POSSIBLITIES :
(1)SIDEWAYS CONSOLIDATION - ACCUMULATION IN A RANGE
(2) EXTENDED COMPLEX CORRECTIVE COMBO
(3) IMMEDIATE BULLISH IMPULSE
HOPING FOR THE LAST
WHILE MOST PEOPLE HERE ARE QUICK TO ASSUME THE NEXT MOVE WILL BE A BULLISH IMPULSE (WISHFUL THINKING OF BULLISH OVERSHADOWS TECHNICAL ANALYSIS MOSTLY HERE),
HAVING SAID THAT, PLEASE NOTE THERE ARE THREE POSSIBLITIES :
(1)SIDEWAYS CONSOLIDATION - ACCUMULATION IN A RANGE
(2) EXTENDED COMPLEX CORRECTIVE COMBO
(3) IMMEDIATE BULLISH IMPULSE
HOPING FOR THE LAST
Comment:
Looks like the Triangle is now invalidated and we can see the start of the forst IMPULSE WAVE. This means it is now could be a start of a TREND REVFERSAL and the last 5th wave was the bottom at 31,000 sat (Z has to be shifted to the last point.)