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BCH - BREAKOUT - Imminent - Micro-Wave

$BITFINEX:BCHUSD is on the cusp of breaking out.

We have completed a Micro-Wave.

See Related for further analysis.

Will update.

-AB

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Micro Wave had an extended 3rd Wave...

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Wave 3 is extending

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Levels

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Looks like we are going to test $488 which is a key level I talked about in the related idea.

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3HR: Added Spirals...

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Correction Wave B Extended Beyond the Beginning of Wave A.

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Lower degree 3rd and 5th Waves Extended.

The Wave B that follows will also be in three sub waves but the price will exceed the top of Wave 5. Thereafter, we will get a normal Wave C made up of five sub waves.

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$556

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According to Elliott, diagonal triangles are often found as Wave 4 in situations when the upcoming fifth wave was likely to extend. The third wave would have traveled a considerable distance in a short space of time, and the diagonal triangle itself would appear sloping in the direction of the major trend.

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The sub-waves had extending 3rd and 5th impulse waves.

Get ready for another strong move up!

-AB

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Buckle up!

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5th Wave has passed .618 [Fib Extension from 0-3-4]

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Fib Extension (0-3-4)

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We have an extending 5th as predicted. It is impossible to tell where extending waves end. This is when indicator can be helpful along with wave analysis.

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Sub-Wave 3 has passed 1.681.

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Next level is 1 (Fib Extension 0-3-4), if it passes 1 then look to 1.681!

We will have a sharp correction when the 5th Wave completes.

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Looks like $627 could be the terminal point for the higher degree 5th Wave.

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It is just as common to see a fifth wave extension as you can see a third wave extension. The only difference is third wave extensions are quick to reach their targets.

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Volume profile. Heavy Buying...