BTC - Elliot Wave count update
Hi all,
After a few months, primary wave B is still running up and prices remains in the target expected by the count and Fibonacci extensions.
At the moment, we are in a major wave 5, which would conclude the short term uptrend.
Target for this wave 5 is represented by the highest theorical extension of intermediate wave C.
Price target is also more accurate now we know highest point of major wave (1) and lowest point of major wave (2). Probabilities are now more important for a theorical target located at $39,500, for the end of primary wave B.
This could stick with a more ugly macroeconomic situation, such as suprise from FED or ECB during this summer.
Also, economy remains strong despite high interest rates. In my opinion, impact of this hawkish period on the economy is still to come.
After a few months, primary wave B is still running up and prices remains in the target expected by the count and Fibonacci extensions.
At the moment, we are in a major wave 5, which would conclude the short term uptrend.
Target for this wave 5 is represented by the highest theorical extension of intermediate wave C.
Price target is also more accurate now we know highest point of major wave (1) and lowest point of major wave (2). Probabilities are now more important for a theorical target located at $39,500, for the end of primary wave B.
This could stick with a more ugly macroeconomic situation, such as suprise from FED or ECB during this summer.
Also, economy remains strong despite high interest rates. In my opinion, impact of this hawkish period on the economy is still to come.
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