BTC Correction To Below 9K? Elliot Wave Suggests That May Be So

Long-term Elliot Wave analysis on the weekly indicates what appears to be a clear ABC correction from the peak of the 5 Wave, with A bouncing perfectly off of the .50 fib. This looks pretty textbook to me.

Drop could be as low as $8,500. A brief flash-crash to 6K could be triggered at some point due to market unrest, though I think the actual floor is around $8,500.

Feel free to share your thoughts and discuss below.
評論: To be clear, in order for this to invalidate, we would need to set a higher low before we reach the previous low, marked by A. Otherwise, if we continue in that direction we can foresee a drop in the vicinity of the levels shown.
評論: Still has a ways to go down. The "bounce" will not be equal to the recovery, it'll take another step down to hit the fib as described. Price is 11.5K right now. I've got to goto bed. We will check again tomorrow.

This short has been an excellent trade.
交易結束:目標達成: I closed my short. Came within $600 of my projected target on the fib. It's technically not over, and could still fall, but I ended my short hours ago. This was an EPIC win for my portfolio and I hope you guys shorted with me.

Keep paying attention overall. I'll update this chart if it looks like we may break down again. Technically we aren't out of woods 100% yet, although it does look like we've rebounded for the most part.
So think she will get down into the 5-6k range?
ThriveHawk5 ThriveHawk5
Well, you called the first drop to 6k, just wondering if you think it will go back down that far and close the 3rd wave.
What exchange actually allows you to short sell? I need to get in on this side of the market.
Hello, I think that the c correction wave will fall and sleep on the 0.5 fib line, as it tried to test it today and it went beautifully, do you consider it as an option and start a new first wave from 0.5 fibs level? I love your chart by the way, thanks for sharing.
Xatos IvelinAngelov
@IvelinAngelov, Yes I believe that subwave 1 upwards has been completed, and possibly wave 2 down has just completed. We are looking to get confirmation now. It needs to close higher than the previous high in addition to setting a higher low than the previous as well.

If this happens, we have confirmation that we are riding into wave 3, which should yield some nice gains.

If we set lower lows here, though, we will be looking back downward to under 10K.
Xatos IvelinAngelov
@IvelinAngelov, Looking for something like this now

are these 4hr candles?
Xatos GTorres10
@GTorres10, The original is weekly. The update showing swing trade values is hourly.
+1 回覆
@Xatos, Thank you. Great analysis, spot on so far!! Guess we have about a week left to complete wave C?
GTorres10 GTorres10
@GTorres10, I understand time frames are near impossible to predict. Just thinking out loud.
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