Hi There,
Today we have 4H chart of bitcoin, we're now in a pullback, technically in wave 4, on the chart above shows that we have three scenarios,
The first scenario will be when the correction (the pullback ) finish with a simple abc, then breaks into the final leg (wave 5), and there is a case when fifth wave might be extended and go higher.
The second scenario is that we might have a failed fifth wave, as Elliott noticed that on occasion wave 5 fails to extend beyond the extreme of wave 3 and generates a reversal directly.
The third scenario and the last is that the wave 4 go a little bit up then followed by a decline or a downward movement.
Today we have 4H chart of bitcoin, we're now in a pullback, technically in wave 4, on the chart above shows that we have three scenarios,
The first scenario will be when the correction (the pullback ) finish with a simple abc, then breaks into the final leg (wave 5), and there is a case when fifth wave might be extended and go higher.
The second scenario is that we might have a failed fifth wave, as Elliott noticed that on occasion wave 5 fails to extend beyond the extreme of wave 3 and generates a reversal directly.
The third scenario and the last is that the wave 4 go a little bit up then followed by a decline or a downward movement.
Note
So it was the first Scenario after all, we might have an extended fifth wave, and the price continues higher.
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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.