An architectural overview of the bearish motive wave in play. Current wave in progress is the 'C' of the fourth with a target of $4670 followed by a final move down to $2400 for completion of the higher degree structure.
This rally looks to be unstoppable. The extended fifth has developed a further nested wave one, which is currently retracing. The last peak resulted in a further top-side break of the acceleration channel and there has been no motive-wave re-test of the under-side of the acceleration channel yet. This pair is currently making a parabolic advance. Very long indeed!
My current high probability bounce zone is somewhere in the box. I'm using box-entry as an eyes-on trigger. I don't intend to open a long position until I see a wave 1 candidate materialise in that zone (see bottom left for the previous)..
Justification for box bounds:
(i) Intersection of base and deceleration channels
(ii) wave A-B length parity confluence
The life and times of BLX (BTCUSD) in semi-log scale with major Kennedy channels, inferred Elliott wave structure, key inflection points and key retracement levels.
Kennedy base channels shown in *Blue*. Deceleration channels shown in *Red*
BLX is in high probability of wave 1 of 1 of 3 based upon retracement depths acheieved so far in 2011, 2015 and 2018.
Having mapped the motive (5-wave, green) + corrective (3-wave, red) structures through-out the correction, they seem to be painting an Elliott Wave 'Double-Three' structure (possibly a triple-three but that would take a while longer to confirm). This is comprised of a corrective wave 'W' followed by an inverted corrective 'X' and finally a non-inverted 'Y'. I came...