BTCUSD in the future 21 days window
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Using Fibonacci Retracement, Elliot Wave, Pitchfork Tool
BTCUSD on Daily Chart shows clearly for the possibility of the WXY correction to extend into WXYZ correction as the impulse wave at the end of WXY is a three ABC wave. It is also contained within the channel shown. The channel levels shown are Median, 0.382, 0.618 and 1. As far as current sentiments goes I believe this is how it will be played in the next 21 days in the white time bar :
By simple most often used Fib-Elliot Wave analysis (I called it FEW), the Z target zone is between the 78.6% to 144% retracement of the major 5-wave
As I am still a newbie, I don't have sufficient knowledge of the probability aspects of FEW but looks like at hindsight the most probable will be between 50% and 61.8% and if this is broken then the next target is 78.6% or even the unlikely 100%
If you know how to calculate the probability of the FEW, kindly do so here in the comments below.
BTCUSD on Daily Chart shows clearly for the possibility of the WXY correction to extend into WXYZ correction as the impulse wave at the end of WXY is a three ABC wave. It is also contained within the channel shown. The channel levels shown are Median, 0.382, 0.618 and 1. As far as current sentiments goes I believe this is how it will be played in the next 21 days in the white time bar :
By simple most often used Fib-Elliot Wave analysis (I called it FEW), the Z target zone is between the 78.6% to 144% retracement of the major 5-wave
As I am still a newbie, I don't have sufficient knowledge of the probability aspects of FEW but looks like at hindsight the most probable will be between 50% and 61.8% and if this is broken then the next target is 78.6% or even the unlikely 100%
If you know how to calculate the probability of the FEW, kindly do so here in the comments below.
Trade attivo
Errata : ...the Z target zone us between the 78.6% to 100% retracement of the major 5-wave. This is the worst case scenario.
Note : As time progresses the likelihood of the chart entering the 0.786 and 1.00 region is reduced. The price action will be squeezed into a Descending Triangle for a possible breakout outside of the 21 day bar. Perhaps we are looking at 30 day period after the end of the 21 day is over
Trade attivo
Approaching the limit of the channel, likely to reverse. However we have seen many market intrusions that violates textbook pivots and therefore even though it breaks the resistance, it may drop back if the overall sentiment still holds
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