user100000

user100000

Here is another possibility... Circle 4 has not completed yet (as shown in previous charts) and may actually be a contracting triangle. Waves D and E remain to complete this pattern. A triangle is pattern which appears right before the final move (in this case circle 5) We can estimate how far circle 5 may climb based on measuring the widest part of the triangle...

user100000

Here is a chart of circle 5 as a regular impulse wave. I show a typical extended wave three (261.8% of wave one) (has wave (2) completed yet?)

user100000

Just a small update... each wave of an ending diagonal subdivides into a zigzag abc or wxy. Wave (2) seems to be wxy type wave. Wave (3) may also subdivide into a wxy another hint this pattern may be an ending diagonal is wave (1) itself seems to have three sub waves (abc) which is required for an ending diagonal (each wave a zigzag or wxy)

user100000

Another possible pattern we should consider is the ending diagonal which occur in fifth waves. each leg up will be shorter than the previous one. it makes sense in this case becuase of the longer duration of wave (2), but a normal impulse wave is still possible if the market exceeds the length of wave (1)

user100000

I believe we are close to the bottom of this wave (2) correction. Wave two typically retrace 50 to 62% of wave one Wave (3) should be longer than wave (1)

user100000

Wave (1) seems to be complete. I can count five up waves already. Wave (2) should take a while to complete and most likely to dip to price levels around wave 4 (see dotted line)

user100000

I'm waiting for a retest of the high at 19666. There isn't much else to do except sit on hands and allow primary wave 5 to unfold.

user100000

Wave one and five are often similar in duration in general. In this case, I would be cautious by late September (42 weeks). It seems we are in the early stages of wave (1). I expect strength as wave 3 unfolds in the coming weeks. We only have three impulse waves to work with ((1), (3), (5)) so it should be quite volatile I would imagine in order to meet the 80K+ target

user100000

Here is a weekly chart. I find it not as distracting as the daily. The green area is where the market is finding natural support which is at the previous wave 4 of one lesser degree (see small arrow). The C wave seems to be ending around these levels.

user100000

The situation now is similar to what happened during the cycle I in 2013. At the time, primary 4 retraced more than 78.6% of primary wave 3 at the start of its correction (triangle). We now have it in reverse with the deepest retracement occuring at the end of a WXY correction. History repeating...

user100000

Market finds support in the previous fourth wave of one lesser degree. I wasn't expecting the correction to be this deep for the primary wave four (>78.6%). Primary 2 was deep so primary 4 should be shallow (alternation) but in this case both 2 and 4 were deep corrections. I've also adjusted the B wave triangle (larger duration)

user100000

Wave v of C did extend, but the overall relation between wave A and C is typical (C=A*0.618).

user100000

A closer look at the C wave I was able to count five waves down already. The channel (ii-iv and thru i) helps to give a good idea of where wave v will terminate

user100000

The (Y) wave is updated to show the triangle as the B wave. The correction is quite deep but not dissimilar to the 2013 correction.

user100000

The E wave (triangle) seems to be complete. This is the end of the primary wave four correction. We should start the move higher as primary wave 5 unfolds in the coming months.

user100000

Small EW count update... Possible triangle for wave Y. It is close to completing the pattern. A triangle is the final pattern in a WXY correction

user100000 Updated 

as a WXY correction, primary wave 4 may already be complete! If so, primary wave 5 should start soon?!

user100000

The triangle idea has already been invalidated on the bitfinix chart. Here is my alternate count. The (C) wave as an ending diagonal.