It's pretty clear that we have a zig zag correction playing out here. Waves 'a' and 'b' have already been put in.
This leaves us with the final wave 'c'. There is a strong possibility that it is already complete and the low has already been put in (please see linked idea below from Nov 22). A breakout to the upside will take price to the 1910-1920...
A quick update, the smaller degree wave (v) could be in play. Price has bounced of a possible wave (iv) count around 1831-1832 (38.2%).
If the wave (v) is in progress then I expect the price to drop back out of the marked sell zone.
Please refer to my previous ideas which are linked below.
Follow for further updates.
A long term forecast for Bitcoin going into 2021.
I am counting the third wave to be in the region of 33k - 38k USD. An extended third could possibly go in higher but I won't entertain it just now as it's anyone's guess.
In accordance to Elliott Wave theory, the third wave is typically the most impulsive so it is possible that we achieve this level...
A long term forecast for Gold going into 2021.
I am counting the fifth wave to be in the region of 2185 - 2300 USD.
Will provide detailed counts and price levels once we're into the final wave of this leg. Please follow for further updates.
Do leave a comment if this idea caught your attention. I'm keen to hear your thoughts and as always, a like...
Looking to EURNZD, there is a good setup in this pair.
Based on EW, I would like to see the price getting higher to my "Area of Value" and I will go to lower timeframe to get into short opportunity.
We can call this intraday trade, in order to confirm my short bias of course I would love to see if the price makes a Lower Low in Daily TF before doing any pullback....