ABC Correction Wave by the book!
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If my wave counts are correct, we are finishing up subwave 3 of the a-correction wave. I've adjusted the target of "a" down further since this wave 3 extended further than I predicted. But either way, this is a good looking correction wave. We should bounce back up to the resistance rectangle 78XX for subwave 4 before hitting the 7250 target of wave "a". Than the "b" wave with 3 subwaves will take us back up to this resistance at 78xx before the final "c" correction wave (made up of 5 subwaves that could take us down to he 6900-7000 target.
This wave structure is setting up almost perfectly according to theory, with the exception of the steep squeezes and quick corrections that we see. But that is part of the volatility of the crypto market. Despite the appearance of whale manipulation and other unregulated variances, the wave theory continues to provide good insight into the market behavior and predicts trend changes just like traditional markets. Happy Trading!
Have a Great Day!
This wave structure is setting up almost perfectly according to theory, with the exception of the steep squeezes and quick corrections that we see. But that is part of the volatility of the crypto market. Despite the appearance of whale manipulation and other unregulated variances, the wave theory continues to provide good insight into the market behavior and predicts trend changes just like traditional markets. Happy Trading!
Have a Great Day!
Nota
We might be seeing a quick end to subwave 4 shown by this 15 minute chart and the descending triangle that's forming. Any shorts out there, keep your eyes peeled for opportunities. Nota
And the first triangle has broken as we speak. If it continues down below 7470, then I would consider this the beginning of the 5th subwave down to my red target rectangle of 72XX.Nota
Well that last update looked like it could be the beginning of subwave 5, but that was just another quick squeeze with a quick response from the bulls. So our 4th wave continued higher up to 7713, almost to the bottom of my red resistance zone, before the 5th wave really began. I believe that we are going to see a slow and steady trend down to 7250 to finish the "a" correction before a bounce back up to the 7750 range for wave "b". Then another correction down to 6950-7000. Remember, all the FUD and the bears will try to convince us that the downtrend is still in place. Don't believe them. These waves are telling the story and a correction here is what we want and need for good consolidation of bulls to get ready for the next bullwave to 9800.
Nota
Well, we made touchdown to the red resistance rectangle at 7282, which was my target area for the end of the first correction wave "a". However, I'm not sure the bears aren't ready to keep pushing downward. On this chart below, I've added another sub-level of wave counts, and my last set of downward impulse waves look like it could be finished, or it could be just at the end of wave 3, with this current slight upward correction being wave 4. The bear flag that has formed has given me pause in declaring that we are ready to go back up to 7800 with the "b" correction wave because there wasn't much of any bullish bounce off the red resistance rectangle. I think we are going down a bit farther before another bounce. Probably closer to 7150 at .5 Fib-retrace level.Nota
Over the weekend we continued the retrace down to just above the .618 Fib Levels as seen below. 3 times now the bears have touched my red resistance rectangle and have not been able to break through it. This support level is strong and holding well so far. Although the longer the price pressure sits right above this zone, the weaker it will get. Soon, the bulls need to show up and make a move to get off this support. Otherwise, it will fail and BTC could drop all the way to 62XX before the next real support level. Astonishingly, this retrace is going exactly as I predicted, albeit a bit quicker than my abc waves have shown, but the retrace has stalled at all the correct positions. And I believe in these wave counts that I have already entered a BUY at the current level in anticipation that price will rebound very soon. THIS ISN"T ADVICE for you to do the same. Your risk/reward and positions and strategy are your own.
Nota
Here's the link to my updated idea:
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