Could be a truncated e wave (double bottom) at the 0.5 fibonacci level. Could fall to the .618 level. Until it breaks the downtrend line, I guess we'll find out!
Edit: Realised AFTER I posted that my fibonacci tool was the wrong way up. Whoopsie!
Just following up my last post that showed the end of the ABC . We broke out a short term descending wedge then came back on top of it to re-test as support. Potentially a deep subwave 1 or 'double bottom' type of structure to set up a subwave 3 with the momentum to break us past the last high. A re-test of that next high could be possible too.
Wanchain may have 1 more wave to complete the 1-5 correction. This will re-test the major support/resistance line. Hopefully a bounce will follow. Not sure if the following bounce will be a B wave. I normally like to cross-reference a dollar chart but there is not one available.
I'm going to risk it early and say that the shorter term correction is over. I have been able to count 5 waves down in both the A and C waves. If BTC makes another large run then this will probably just fall a little lower though.
BTC has already done 5 subwaves down in this C wave. However, this final subwave (5) is only 0.618 of wave 1. Although it is possible for it to finish here, I would expect it to go to the 1.0 or 1.618 of wave 1. This takes into consideration that subwave 3 was extended to the 1.618 of subwave 1. I have marked the possible finish at the 1.0 line or 1.618 line,...
Here I am projecting the possible medium/long term outlook for ICX. This projection takes into account the possibility that wave 1 is now over. Below I have added some additional sub wave counts for wave 1 - just to play Devil's Advocate!
This would be the argument for a short term bull set up which would take BTC to medium term horizontal resistance. After this, I assume BTC would try to fall back and retest the long term resistance line.
Retraced all the way to the .786 level, broke out of a massive downtrend line AND made a higher low before going sideways. Fiat inflation steering people to hedge into gold/silver once again?
So, is it silver's time yet?
I believe the Dec/Jan move was a 'macro' wave 1. Wave 2 was a WXYXZ correction - the last wave was a B wave that ended in a truncated C, this is not wave 1! Waves 3,4,5 will be included in the next move. Wave 2 was long and drawn out so wave 4 will be fast and sharp.
I believe BTC is finishing up a wave 1 structure. It may well break out through the major downtrend line (dating back since the last bull run). The wave 2 may come back down to test this downtrend line as support (this may also happen to be the 0.5 - 0.618 retrace of wave 1). After the wave 1 retracement and consequent re-test of major resistance/support, wave 3...