Based on Elliott Wave analysis and what's determined to be the most likely outcome for Wave 4, I suspect that we're currently in the 1st of 3 phases for the total completion of the Wave 4 correction.
Typically, a primary Wave 4 will retrace down towards the zone of the previous sub-wave 4 (aka Wave 4 of primary Wave 3). In Bitcoin's case, Wave 4 of Primary 3 is near or slightly under $40K.
With Primary Wave 2 being a sharp correction, Wave 4 will be what's called a 'sideways' type of move. As in, the correction takes plenty of time and does not make sudden, descending moves; not at all once anyway.
A flat correction consists of a 3-3-5 wave sequence. We're likely in the first 3 wave sequence with (A) being a running flat. Should B wave not break the highest point of Wave A, we can fully expect more correction down to the C Wave target range, near or directly below $40K.
Stay woke :)
Typically, a primary Wave 4 will retrace down towards the zone of the previous sub-wave 4 (aka Wave 4 of primary Wave 3). In Bitcoin's case, Wave 4 of Primary 3 is near or slightly under $40K.
With Primary Wave 2 being a sharp correction, Wave 4 will be what's called a 'sideways' type of move. As in, the correction takes plenty of time and does not make sudden, descending moves; not at all once anyway.
A flat correction consists of a 3-3-5 wave sequence. We're likely in the first 3 wave sequence with (A) being a running flat. Should B wave not break the highest point of Wave A, we can fully expect more correction down to the C Wave target range, near or directly below $40K.
Stay woke :)
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Because there are 3 types of flats, I've outlined the fib levels for the B and C waves of each type (regular, running and extended). Extended Flats are the most common but either are technically a possibility.Based on the location of the sub-wave for Wave 4 of the 3rd wave, I'm still guessing we'll get an Extended Flat here near $40K.
Note
Decode the wave, anticipate the move. elliottwavescience.com
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Decode the wave, anticipate the move. elliottwavescience.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.