Wave 1 down to the 30,000 area is being followed by wave 2 up, which will try to completely retrace it. It would be unwise to assume this rally is the next wave to new highs. A deeper third wave down should be expected to commence when wave 2 is complete.
Following the consolidation we have seen since May 19th, our revised view is now that Bitcoin is targeting an area between 25948 and 21023, and that this will not be the end of the decline, although it should be followed by a significant rebound before the next phase of decline.
This is based on the premise that Bitcoin actually peaked in its Elliott 5th wave on...
As an upward C of B wave in a flat correction, this rally should retrace about 90% of the wave "a" segment that constituted most of the recent decline from the all-time high.
This analysis will need to be revised if price falls below 593, because that it is the thrust origin for the rally, so that would be an ideal stop loss level for a long trade here.
Looking at corn July futures, we expect price to drop now to the 560 level. The orthodox peak was actually on April 27th where wave 5 ended near 684. The following rise to 735 was only wave B up of the overall downward correction, but it indicates that price is itching to go higher. 560 also represents a 38.2% retracement of the 5-wave rise of this thrust, which...
Based on the wave structure, we're anticipating a quick drop in crude oil to about 62.24 before a very persistent rally ensues, probably halting at around 117 to consolidate and then continuing up to (at least) 132 to complete this B-wave of the correction from the July 2008 peak.
The 5th wave completed as a triangle, which confirmed our suspicion that the market actually peaked early in the 2000s and the rally since then has been an Elliott "B"-class wave. This will feed off of each successive lower point on the left side of the "mountain" to drive increasingly deeper and destructive thrusts downward.
Wave count looks like this triangle is forming at the endpoint of wave (C) of a bearish 4th wave (started October 2016) of a downward 3rd wave in a larger impulse.
Wave A up and B down of the triangle completed on February 24th and April 12th. Wave C up is nearing completion at a suspected target of 1.4025 to 1.4040 of a thrust from a smaller triangle between...
After China set the value of the Yuan at over 8 per dollar in the early 90s, it gained in relative value in a 5-wave impulsive sequence that ended at about 6.0 in early 2014, which was the 0.382 retracement of the rise from 1981 to 1991. Since then, it has been in an upward correction (declining in value). By our count, this 3-wave sequence has completed its waves...
After what we suspect was a wave 3 peak in 2001 at 13.85, the 4th wave structure was a triangle that carried through until early 2012. The triangle thrust measurement back at the vertical of wave 3 suggests a multi-year rally that will reach near to 50 ZAR/USD.
The peak at 17.8187 in January 2016 we suspect was only a 1st wave ((1) of wave 5) of that extended...
After a 1st and 2nd wave complete, the ultimate height to be reached by the 5th wave can often be closely estimated as the level equal to 2.236 or 2.382 times the length of wave 1 measured upward starting from the end of wave 2.
