Elliott Wave Analysis - Possible BTC Correction Path & Target(s)

25 giu 2017

Various Elliot Wave counts have a high probability that Wave III completed just short of the 3000 level. After the completion of a major leg, a correction ensues to retrace a portion of the entire move. The correction can form various patterns, though a Zig-Zag or A-B-C correction is a high probability. Wave A corrected from 2980 to 2121. Wave B countered retracing back up to 2789. The Wave C correction should equal at least the full distance of Wave A. 2980-2121=859. Subtracting 859 from the B Wave high at 2789, results in a target of 1930, which also approximates a 38.2% retracement of the entire Wave III rise. The Wave C correction could extend to 1.618 of Wave, but this is a lower probability. Breaking key support near 2460, puts the Wave A low of 2121 as an initial target. Then a bounce before the target 1900-1930 levels are in play.