Bitcoin could develop 2 patterns in this correction. Either we get a wxy correction where we have finished w as a flat and x as a complex wxy wave, and we get y wave down now, or it could develop a flat correction. Since I have primary wave 2 as a wxy pattern, wxy should not come in primary wave 4. So if my labelling of w 2 is correct and we are indeed in a primary 4th wave, we can only develop the flat correction as illustrated.
Of course we could have a bullish scenario as an alternative as well, but at the moment I think it is hard to get a meaningfull 5 wave structure out of the move from bottom when you read the RSI and wave relationships.
We will se in 6 months time. Have fun
Of course we could have a bullish scenario as an alternative as well, but at the moment I think it is hard to get a meaningfull 5 wave structure out of the move from bottom when you read the RSI and wave relationships.
We will se in 6 months time. Have fun
Nota
If top breaks the bearish scenario is invalidated and it would favor a bullish count. The move Down appears to be a double zigzag and not 5 waves at the momentNota
5 wave count down that supports the bearish scenario. w 3 hit fib 2, and w 5 was equal to 1.the bullish count would be that's a double zig zag and w 2 and 4 are zigzags.
we will have to see if top get hit or we get a rejection at around 78%fib.
Nota
breakdown of wave 2 down showing that it indeed was an expanding flat. so pretty sure it was a 5 wave move down, and we are in a wave 2 up now to around 49.9. wave 2 prob. is a zigzag where we have completed the a wave.Nota
If we are in bear bear mode we should get a 5 wave swing down to around 38K area. There are several possibilities of the current swing down, so bear not confirmed yet, but I am watching this count . I think we finished a wave 2 as a flat correctionNota
we get another push up. since we are doing a corrective wave here (wxy). probably the 5th and last wave from the previous bottom.Nota
looks like a corrective zigzag forming to 49 K area, then down continues (if it is a zigzag) Nota
looks like this is the count. the recent move up can only be a leading diagonal as I see it. there fore more upside after we have finished a wave 2 down
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