Within the anticipated Wave C of Bitcoin's current Extended Flat, it appears that we're still in Wave 4 (within the 3rd wave; important to note).
Nearing a finish of the (a) wave for 4/3's Flat around $45K, Bears are soon due to continue their downward pressure on the market's price.
I'm expecting a Running Flat to play out for 4/3 as the all too common Extended Flat would likely require a bounce into the peak of Wave 1/3 (which isn't allowed). There is no guarantee of a Running Flat however. The Flat could technically still extend and yet have a target around the length equal to (a)'s. There's also the possibility of a Regular Flat as well. All options must be considered until the waves decide.
Waves still pending development before Bull's return:
Wave (b) and (c) of 4/3 (corrective bull)
Wave 1,2,3,4,5 of 5/3 (ends 3rd wave; impulsive bear)
Waves (a,b,c) of overall 4th Wave (corrective bull) - could also be (a,b,c,d,e) if a triangle plays out.
Waves 1,2,3,4,5 of 5th Wave (impulsive bear)
Its safe to say that the bear market will continue for another 3 weeks at minimum, likely close to a 1 month+.
Nearing a finish of the (a) wave for 4/3's Flat around $45K, Bears are soon due to continue their downward pressure on the market's price.
I'm expecting a Running Flat to play out for 4/3 as the all too common Extended Flat would likely require a bounce into the peak of Wave 1/3 (which isn't allowed). There is no guarantee of a Running Flat however. The Flat could technically still extend and yet have a target around the length equal to (a)'s. There's also the possibility of a Regular Flat as well. All options must be considered until the waves decide.
Waves still pending development before Bull's return:
Wave (b) and (c) of 4/3 (corrective bull)
Wave 1,2,3,4,5 of 5/3 (ends 3rd wave; impulsive bear)
Waves (a,b,c) of overall 4th Wave (corrective bull) - could also be (a,b,c,d,e) if a triangle plays out.
Waves 1,2,3,4,5 of 5th Wave (impulsive bear)
Its safe to say that the bear market will continue for another 3 weeks at minimum, likely close to a 1 month+.
Note
Wave 4/3 Flat has completed in very sneaky fashion.Wave 5/3 is now underway.
Bears should be clear for a drop to $26K minimally (after retrace above
39K).Trade active
Hey Guys,Here's an update on our current location.
Still in Wave 3 from 60k.
Within 5th subwave (of Wave 3 from 60k)
Currently in minute wave 1 of 5th (of Wave 3 from 60k)
(if you need a wide angled view, look at the original post above.
Wave 1 of the 5th Wave looks to be a leading diagonal (blue wave)
Next targets may be around
31K (bottom of blue wave) and then 39K (for Wave 2 of 5/3; outlined in yellow).
Decode the wave, anticipate the move. elliottwavescience.com
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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.
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.