So after reassessing my previous analysis, this wave 4 is looking to be a little bit tougher at the moment to wave 2. Nevertheless, I have realised that Wave 2 had two point where it touched a resistance line and then shot back up (outlined in green). This is what I am looking to see happen as well with Wave 4. You also have to take into consideration that today...
Something very interesting to look at is how this 4th wave is mimicking the 2nd wave. If you take a look at how steeply wave A rose, and then consolidated down to wave B, it is very similar to how it is beginning to form in wave 4. This is promising to see and I hope C can do the same. It is also good to see that the correction is following a 5-5-5-5-5 formation...
Happy New Year everyone,
I had initially provided rough counts for wave 3 to be between $33 - $38k with a possible extension into the $50k zone (please see linked ideas below). We saw the 24.3k break and retest completed successfully and as forecasted the successful break of that level has propelled BTC towards my initial Wave 3 projection of 29.8k - 31.7k.
First and foremost, well done to everyone who has hodled through the bear run. It has most definitely been a true test of an individual's investor stamina.
As promised, it's time to take a closer look at wave 3 with the view of establishing more accurate price forecasts. In my previous ideas, I had initially provided rough counts for wave 3 to be...
Not much to update with BTC, the trend is bullish. Price has broken out of the channel having successfully challenge the previous ATH and resumed it's move upwards (please see linked ideas below).
Wave 3 targets remain the same between $33,000 - $38,000.
Follow for further updates, your 'likes' are much appreciated and your comments most...
1) Weekly candle closure: Inverted Hammer (high test candle)
2) Double top at daily zone
3) Bearish Engulfing candle closure at a daily level
4) Break of structure
5) Waiting for the 3rd touch on the LTF correction or possible 1hr breakout for an entry
1) Weekly candle closure: Bearish candle
2) Double top at daily
3) New lower low - break of structure
4) Waiting for LTF correction
5) 1hr chart: waiting for 3rd touch or entry after 1hr breakout
Price at Key Zone ( weekly zone)
New Lower low - break of structure
Price broke out of HTF correction followed by LTF correction
Price completed move between wave 1 to 2, waiting for a move to the downside (wave 3)
Move SL to entry after 1% profit
A bearish formation printing into place for GBP/USD.
Price will continue upwards in the short term and potentially create a throw-over before a reversal back into the triangle and a sustained move downwards.
A longer term bearish outlook going into 2021. A good strategy to buy from pullbacks on the smaller time frames until then will provide some...
I've counted this with many different sequences and feel that a Double Three (WXY) combination is what has likely been printed here.
It's possible that it continues to correct further to three corrective structures and forms a Triple Three (WXYXZ).
I'm looking for a set of five impulsive and composed waves to rule this out and signal a change in...
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...