This pair has the best structure for EW and KC analysis. Base channel shown in Blue and Acceleration channel shown in Green (with adjacent shadow channels). Green and Red lines illustrate energy barriers (dynamic support and resistance offered by the growth structure) offering support from above (Green) and resistance from below (Red).
Extended 3 bearish motive wave in play plotted using KC and EW. The box represents my target (~$3400-$3500).
An architectural overview of the corrective wave in play . Current wave in progress is the 'C' of 'B' of '4' with a low-target of ~$3450 on 12th Jan and a high target for wave 4 of $4628 on 21st Jan.
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 (iii)...
There's a high probability the top is now in for this rally. A nice £816.00 / 32% move!
The large Green channel is bearish acceleration. Once we hit the confluence at the circled area things are going to get interesting..
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.
Depicted are the major active Bearish acceleration channels for 1/BTCUSD. I don't intend to place any BUY orders until price exits the bottom of *all* of them.
Green = Acceleration Channel (5) Red = Deceleration Channel (3) Blue = Base Channel (1)
The life and times of BTCUSD in semi-log scale with major channels and key inflection points..
This analysis has a final fifth-wave move down to ~$5k inferred from Kennedy Channel EW analysis.
This wave count has a 3 of 3 of 3 incoming. Kennedy channelling used to assist inference.
An interpretation of price movement as an Elliott motive wave
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...