BTC - Primary Count 2hr
A follow up to my last post. Here we are looking at the breakdown of wave (b) of wave circle iii. This ABC is a zigzag given the 5-wave substructure of wave (a). I will get into the nitty gritty of this micro-wedge in my next post, but it looks to me like wave a of (b) is a leading diagonal. Again, this count invalidates if price moves above the previous high of $9956.
General guidelines of EW state that diagonals often exhibit alternation in the form of alternating waves have 0.618 relationships. As you can see here, thus far waves (1) and (3) and waves (2) and (4) exhibit this form of alternation, giving me increased confidence in the leading diagonal count. Leading diagonals have subwaves of 5-3-5-3-5, which is clearly shown here. From, here we can expect an impulsive move up to somewhere between $7600-$7800. Diagonals often overthrow on the fifth wave, so could be higher.
Looking at the fib retracement of this range, we can predict wave circle B (micro) to be anywhere between $7480 & $7250. I'm seeing some confluence around $7400 so that will be my primary target.
From there we look to use fib extensions from wave circle B to find circle C of (b) and target the 1.0-1.236 region (this will become more accurate once waves circle A and B are known). We find the range that fits best within the 0.382-0.764 retracement of wave (a) and narrow it down to $8850-$8175.
Target Summary:
Wave a/(5): $7750-$7620
Wave circle B: $7480-$7250
Wave (b)/circle C: $8850-$8175
PRIMARY THREAD:
*THIS IS NOT FINANCIAL ADVICE*
General guidelines of EW state that diagonals often exhibit alternation in the form of alternating waves have 0.618 relationships. As you can see here, thus far waves (1) and (3) and waves (2) and (4) exhibit this form of alternation, giving me increased confidence in the leading diagonal count. Leading diagonals have subwaves of 5-3-5-3-5, which is clearly shown here. From, here we can expect an impulsive move up to somewhere between $7600-$7800. Diagonals often overthrow on the fifth wave, so could be higher.
Looking at the fib retracement of this range, we can predict wave circle B (micro) to be anywhere between $7480 & $7250. I'm seeing some confluence around $7400 so that will be my primary target.
From there we look to use fib extensions from wave circle B to find circle C of (b) and target the 1.0-1.236 region (this will become more accurate once waves circle A and B are known). We find the range that fits best within the 0.382-0.764 retracement of wave (a) and narrow it down to $8850-$8175.
Target Summary:
Wave a/(5): $7750-$7620
Wave circle B: $7480-$7250
Wave (b)/circle C: $8850-$8175
PRIMARY THREAD:
*THIS IS NOT FINANCIAL ADVICE*
Comment:
30 minutes count:
Trade active:
First two targets reached.
Trade closed: stop reached:
I believe that was all of wave (b), we are now looking towards wave (c). Reference this thread for continued updates:
