Elliott Wave applied on the BTCUSD day chart with next targets for the current wave that is initiating.
Most probable target are: 8145 USD or 8463 USD.
After that, descend to 5800 USD range.
I still do believe this retracement level is needed for BTCUSD to complete its ongoing descend.
The current ending wave is expected to be a WXYXZ since it's part of a Flat (yellow abc).
Since we're in a big Flat correction, this final C wave of the big flat is a 5 wave up:
This analysis only about the 5 waves up.
Currently we're in wave C of wave 3 of the 5 waves up.
Wave 3 in itself is divided in sub (abc) waves.
The (abc) positions indicate the theoretical targets of each sub-wave. The rectangles indicate the maximum and minimum prices per...
This post is a correction of my previous post on the current wave postulating we're in a zig zag.
The proportions indicate clearly a flat, though wave A seems to contain 5 waves up.
Flat or zig zag, both will end with a 5 wave (up in this case).
Most irregular way of plotting a pitchfork, but it's the only version that goes with current price action...
Coordinates:
#1: 0.00051238, 204
#2: 0.00058605, 259
#3: 0.00051899, 232
I'll be damned if this works... in that case the pitchfork is more powerful then so thought.
Possible scenario (to be confirmed):
- Wave 1 seems to be a very ugly leading diagonal
- Wave 2 is a good looking zig zag retracement
- Upcoming waves 3, 4 and 5 are plotted based on normal impulse wave rules, however there is not sufficient data to confirm.
The pitchfork is used to have a sense of the slope, though insufficient data to confirm.
BTCEUR is in the most ugly zig zag formation I've ever seen:
- wave B retraces more than 100% of wave A
- wabe B is a complex WXY structure
Though wave C is still not complete, I'm quite positive this wave is a zig zag, though the most ugly zig zag ever seen.
Note the other lines are part of 2 bigger pitchforks.
