As can be seen here, bitcoin is rising in wave (2) which should not reach the dashed RED line. That is our line in the sand which, if broken, will require a review of the wave labels.
Wave (1) down ended at $810 (the point marked (1) ). Wave (2), which is composed of red-coloured waves A, B and a developing wave C. This wave (2) appears to be forming an expanded flat correction whereby wave A is composed of three waves, wave B is composed of three waves and goes beyond the start of wave A, and wave C should have have five waves.i.e a flat is a 3-3-5 pattern.
I stated that I expect wave (2) to end at about $1010 level. This is because of the two lines (see the small arrow) which are clustered together depicting a Fibonacci cluster zone. NB: Elliott stated that the Fibonacci ratio is the basis of the Wave Principle which depicts mass human psychology.
-The blue line is the 61.8% retracement of wave (1) while the pink one is twice the size of wave A (in red) and added to the low of wave B (at about $750).
This gives a general target of $1010.
Wave (1) down ended at $810 (the point marked (1) ). Wave (2), which is composed of red-coloured waves A, B and a developing wave C. This wave (2) appears to be forming an expanded flat correction whereby wave A is composed of three waves, wave B is composed of three waves and goes beyond the start of wave A, and wave C should have have five waves.i.e a flat is a 3-3-5 pattern.
I stated that I expect wave (2) to end at about $1010 level. This is because of the two lines (see the small arrow) which are clustered together depicting a Fibonacci cluster zone. NB: Elliott stated that the Fibonacci ratio is the basis of the Wave Principle which depicts mass human psychology.
-The blue line is the 61.8% retracement of wave (1) while the pink one is twice the size of wave A (in red) and added to the low of wave B (at about $750).
This gives a general target of $1010.
