Wave 3: XEM BTCWell, our targets were hit and broken! price broke well under the 0.786 Fib level due to some volatile BTC price action over the past 24 hours. Lots of panic selling ensued and price dropped further than predicted.
Have now amended wave 3 targets based on wave 2 floor price.
Wave 3 is never the shortest thus I predict it will take a little while for the price to rise back up to predicted targets (Purple line - 1:1 fib extension, Red line 1:1.618 fib extension). As mentioned on the graph the red line is an optimistic take, nevertheless it's good to have targets if the price breaks through the resistance on the 1:1 fib extension).
Because wave 2 hit such low fib targets, we can expect wave 4 to hit higher lows than it would usually (Price will typically fall to a lesser extent). Will see when wave 3 ends how wave 4 and 5 might play out.
Again have used only fib retracements and extensions along with Elliot wave theory to reach these predictions.
With BTC domination and considerably influencing other crypto's, predictions remain unpredictable :D
Any opinions appreciated.
