Bitcoin - Back to the Zig Zag
Diupdate
I hate corrections. I've tried to make that triangle work every way I know how and it just doesn't fit. I've gone back to looking at a 5-3-5 Zig Zag as the final move for this Double Three correction.
Wave 1 and 2 are now obvious. When I put the Fibs on Wave 2 (not shown) it was a perfect fit. That now means we are in Wave 3 down. Where does it end exactly? We can only guess. If you look at this chart you will see I did make a guess and then pulled the fibs off that guess to finish out a guess for Wave 4 which lets me guess at Wave 5. All in all everything from Wave 2 down is a big fat guess.
If any of this is true then what is my conclusion?
Wave 5, and this correction, could end anywhere from just under 9K to just under 8K. (Not much help I know) All I know for sure is that we are getting closer every day. What may work out to our advantage is that we continue to drift around and build out the rest of these waves right up until BAKKT opens on September 23rd. Then the flood gates open, this correction officially is ends, and Bitcoin starts its rocket shot to the moon!
One can dream.....
I'm still long hanging on like a bull dog. :0)
BBS out
Wave 1 and 2 are now obvious. When I put the Fibs on Wave 2 (not shown) it was a perfect fit. That now means we are in Wave 3 down. Where does it end exactly? We can only guess. If you look at this chart you will see I did make a guess and then pulled the fibs off that guess to finish out a guess for Wave 4 which lets me guess at Wave 5. All in all everything from Wave 2 down is a big fat guess.
If any of this is true then what is my conclusion?
Wave 5, and this correction, could end anywhere from just under 9K to just under 8K. (Not much help I know) All I know for sure is that we are getting closer every day. What may work out to our advantage is that we continue to drift around and build out the rest of these waves right up until BAKKT opens on September 23rd. Then the flood gates open, this correction officially is ends, and Bitcoin starts its rocket shot to the moon!
One can dream.....
I'm still long hanging on like a bull dog. :0)
BBS out
Catatan
I think we are coming down a few hundred more to complete wave 3. The best scenario would be to stop around the 1.0 Fib which is corrective not impulsive. If it goes all the way down to the 1.68 then Wave 5 may been even deeper. I'm estimating Wave 3 ends between 9,200 down to about 9050 because it could either stop short of the 1.0 Fib and turn, hit the Fib, or pierce past it a bit. Either way, that is the general area I am looking for Wave 4 up to start.Catatan
I meant 1.272 FibCatatan
The Blue Wave 3 should end right around the 1.272 Fib. Why? Because in Elliot Wave the 3rd wave cannot be the shortest. It does not have to be the longest of 1, 3 or 5 but it cannot be the shortest of these 3 waves. Since pink wave 1 of this little sub-wave I am watching is very long and wave 3 is shorter than wave 1 then Wave 5 has to be shorter than wave 3. The green box is the length of pink wave 3 so I expect wave 5 to end before it exceeds the length of wave 3. This would ensure that wave 3 was not the shortest of 1,3, or 5. In this case Wave 5 would be the shortest and 1 the longest.If all that is true, then the Bigger Blue wave 3 will end right on the 1.272 Fib at about $9,161 but should not go lower than about $9146.
If that is the case we can then start working on Blue Wave 4 up before the final Blue Wave 5 down.
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