In my previous BTC analysis I pointed out how a downtrend is still ongoing. It looks like we are still in a triangle but things are taking another turn. Wave D or E is being stretched and could target the $6.7-6.9k range before resuming down.
Remember, my wave targets and channels are estimate target levels and are based on Fibonacci and Elliot Wave Principles. They are subject to possible adjustments. Timeframe was not taken into consideration when projecting targets. DISCLAIMER: THIS IS NOT PROFESSIONAL ADVICE BUT MY PERSONAL REFLECTION OF THE MARKET.
Kommentera
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In case of a triple zigzag scenario, the 2nd wave X could be completed already in that triangle and the last zigzag may have started. Targets remain the same in both scenarios.
Kommentera
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If the bounce on the triangle support that just happened is what I think it is, then scenario 2 is what is being played out
Kommentera
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So far so good. Unless we get a truncated wave c of E, here are a few targets on where wave E could possibly end.
Kommentera
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We have broken the 6k mark. I will update the chart pretty soon.
Just came to revisit your chart after givving it thumb up. Nailed it sir ! Well done
bkouassi89
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So far so good. Unless we get a truncated wave c of E, here are a few targets on where wave E could possibly end.
AryanRehaan
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mrnav
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your wave count makes no sense.
You are correct its a wedge but wedges like this are typically reversal patterns (know as ending diagonals).
This can fail but typically under the elliot wave principle its a reversal pattern.
Google 'ending diagonal' and look at the images for ending diagonal in a bear market
You should read the elliot wave principle by Frost and Prechter.
bkouassi89
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@mrnav, but this is not an ending diagonal. And by the way I have the book you mentioned.
mrnav
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@bkouassi89, what is it then? Your count isnt a count, makes no sense
mrnav
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@mrnav, what formation are you claiming this to be? Whats the channel?
bkouassi89
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A double zigzag. If you check my previous analysis I also mentioned a triple zigzag scenario. The end result should be similar. If you think the bear market is over, then props to you.