BCH-Rock-n-Roll-Wave Analysis-Extending 5th

BITFINEX:BCHUSD is ready to rock-n-roll.

This is a trade for the extending 5th wave. The main trading method that I apply is Elliot Wave Theory with some indicators for confirmation.

I did extensive analysis in the related idea BITFINEX:BCHUSD-BREAKOUT-EXTENDING 5TH).


Review:

We have completed Waves 1, 2, 3, and 4 (ending).

Wave 3 Extended over 700% of Wave 1. After Wave 3, a rare expanding diagonal triangle formed which according to Elliot suggest that Wave 5 will extend as well. This could be a rare Wave where there are two extended impulse waves. Don't forget that we already completed higher degree waves 1 & 2 (Cycle Waves). Also, it is impossible to know exactly where the terminal point of a extending wave will end. But, we will try our best to figure that out because there is just as much money to be made in corrections.

Let's review the charts:

We have a Micro-Wave ready to fly...

Key target: 1.618 ($562)

Anticipated Terminal 5th Wave Target: $760-$725


Turn up the music!

Will update.

-AB

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Wow...

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Important to note:

Corrections often alternate

When we get two extensions in a five wave sequence and they are the third and fifth waves respectively, there is an even greater chance for a sharp correction once the extended fifth wave is completed.

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Still looking good...

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ZigZag Correction (Above)

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40,000 FT VIEW

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Spiral Intersections are important and usually note a price-action move.

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Noted STOP.

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Sub-Wave 3=$529

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Bears are putting up a good fight...

Stay the course...

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Bears out of ammo?

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Looks like it...

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Still need to complete the 5 sub-waves...

We are getting closer.

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Hypothetical Price-action...

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3 Min:

Extending S-Wave 3

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Correction(Above): Not Extending S-3.

*Price Action could have possibly extended

Original Analysis was correct.

Shorter the tic length the more challenging it is to count waves.

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Stay the course...

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Looks like a whip...

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5 Sub-Waves

Breakout or Another set of 5-3-5?

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Micro-Wave

Holding the line....

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STOP: RED TRENDLINE

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Reminder: Wave 2 can retrace up to 100% of Wave 1.

Make sure stops are below the beginning of Wave 1.

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Micro-Wave didn’t hold...

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504-505 is Critical

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Stay the Course...

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Looking to test 21 EMA

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It will be back up in no time...

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See you in the AM.

Stay the course...

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Let's see what we got going on this AM.

I think we have a Wave formation here.

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Bottoms Alternate

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Complex, Spike, Complex....

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Stay the course...

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Extending S-3?

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Momentum is building...

Longer time-frame 30-60-90 shows high momentum...

Shorter time-frame 3-6-9 trending higher....

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Bears are folding...

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Breakout imminent...

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Key Target is always the golden ratio...

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I bet a lot of people got washed out last night and are going to be chasing this move...

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Breakout Alert...

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Volume Flow

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imminent...

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ZigZag Correction Ending...

Stay the course...

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Just finished another "ABCDE" Correction...

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Ladies and Gentlemen,

The time has arrived...

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Above: Last 'E' Wave...

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Expect an Extended 5th...

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Buyers are starting to come in...

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Breakout Alert...

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*Correction

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Weis Wave - Increasing Buyers + Decreasing Sellers

TEMA RSI - High Strength

....

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Staying the course...

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Please be the breakout!

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21 EMA is support.

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Slow moving CAT 5 Hurricane.

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Building solid support.

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1HR needs to cross 21 EMA for the breakout.

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9 Correction Waves (Complex)

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Excuse me...

Officially 10 Corrective Waves...

BOO-YAH

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That was exhausting...but worth it.

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Target 1: 550

Target 2: 590

Target 3: 760-730

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Follow the Spirls for Hypothetical Price-action...

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Shorts will be getting alerts and will be scrambling...

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Sub-1 & Sub-2- Fibonacci 1.618 Extension

Price broke strongly above...

Extending 3rd S-3

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Note for Higher degree 3rd waves.

Wave degrees often correlate with each other.

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CAT 5 Hurricane approaching about to make an impact.

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OBV Divergence from price-action

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Keep Calm And Carry On

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Chart will break down if we go below Wave 1 Terminal

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Breakout Alert

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CAT 5 Hurricane is making landfall.

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Bears are drying up...

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Bulls waiting for confirmation...


Who blinks?

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Reflex?

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Last Call...

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In the eye of the CAT 5...

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Straight to $590...

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Extending S-3?

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Higher (Yellow)
Lower (Blue)

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All ABOARD!

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Here we go...

Thread getting long.

Will be updating with new idea shortly.

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The longly anticipated extending 5th Wave!

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Underscore LONGLY.

-AB