May Day...May Day...May Day - May 4th - We Rise
Greetings Earthlings,
"MAY DAY" --- Hooray!!!
Ok "May Day" is normally May 1st of every year and how Ironic that this is the time when BTC correction (the crash) is over and our Radio Call for rescue has be heard. Rescue Choppers are on the way (May 4th estimated time of arrival) and recovery efforts will begin.
Now, lets look at the analysis...
We have to broaden out to a larger timeframe to see the overall correction...
The set up: The black dotted line represents the downward trend tine line dating back to the All time high of $19.8K.
Daily Chart: The highest point in mat represents the start of the Elliott Wave Impulse trending Bearish and currently, BTC is correcting through its 4th of the 5 Elliott Waves and is setting up for one last decent before landing. For those that understand the Elliott Wave Theory, the 5th Wave of the previous Impulse ended at the low of Feb 2018. The 4th Wave ended at very end of Feb 2018. Elliot Wave guidelines tell us that a Correction Wave (in this case the zig-zag ABC Correction mid-Feb to mid-MAR) will end near the low of Wave 4 of the previous trend. Well, check that off! After the correction comes... comes ... oh yeah ... another set of 5 Wave. Full circle, 1,2, and 3 Waves are complete, 4 is almost complete a Wave 5 will occur when the price action falls out of the bear flag.
How do we know the landing zone... Three (3) things confirm the landing zone.
1) Fibonacci based Elliot wave suggest that Wave 5 = 61.8% of the price difference from the price point at the start of Wave 1 to the price point at the End of Wave 3. This gives us the length of Wave 5. Add this to the End of Wave 4 and we have our landing. We can estimate Wave 4 end point by (a) using the 200 Exponential Moving Average as resistance and (b) the Elliot Wave guideline that tell us that a Wave 4 rarely extends into the price action of Wave 1.
2) The Bear Flag: We take the distance of the flagpole at breakout to predict the ending of Wave 5
3) Timing: We predict timing using Geometry. Draw a parallel line from the end of Wave 2 to the end of Wave 4. Then project that parallel line (Solid Black line) at the end of Wave 3. Combine this 1 or 2 or 1 and 2 and that is the landing zone. Look for a correct after the Wave 5 at $5,450 and then a bounce north. The bulls are getting ready to be released... Are you ready to run?
Note: The retrace between the white 1 and 2 is not a separate Wave because that "would be" Wave 4 retraces well into Wave 1's price action.
Happy Trading!
#FlintstonesGazoo #TheGreatGazoo
Gazoo: "But wait, surely there must be others more qualified than I".
Andre Benjamin: “Even the sun goes down, heroes eventually die/Horoscopes often lie, and sometimes ‘y’/Nothin’ is for sho', nothin’ is for certain, nothin’ lasts forever, but until they pull the curtain”...
It will be you and I...!!!
"MAY DAY" --- Hooray!!!
Ok "May Day" is normally May 1st of every year and how Ironic that this is the time when BTC correction (the crash) is over and our Radio Call for rescue has be heard. Rescue Choppers are on the way (May 4th estimated time of arrival) and recovery efforts will begin.
Now, lets look at the analysis...
We have to broaden out to a larger timeframe to see the overall correction...
The set up: The black dotted line represents the downward trend tine line dating back to the All time high of $19.8K.
Daily Chart: The highest point in mat represents the start of the Elliott Wave Impulse trending Bearish and currently, BTC is correcting through its 4th of the 5 Elliott Waves and is setting up for one last decent before landing. For those that understand the Elliott Wave Theory, the 5th Wave of the previous Impulse ended at the low of Feb 2018. The 4th Wave ended at very end of Feb 2018. Elliot Wave guidelines tell us that a Correction Wave (in this case the zig-zag ABC Correction mid-Feb to mid-MAR) will end near the low of Wave 4 of the previous trend. Well, check that off! After the correction comes... comes ... oh yeah ... another set of 5 Wave. Full circle, 1,2, and 3 Waves are complete, 4 is almost complete a Wave 5 will occur when the price action falls out of the bear flag.
How do we know the landing zone... Three (3) things confirm the landing zone.
1) Fibonacci based Elliot wave suggest that Wave 5 = 61.8% of the price difference from the price point at the start of Wave 1 to the price point at the End of Wave 3. This gives us the length of Wave 5. Add this to the End of Wave 4 and we have our landing. We can estimate Wave 4 end point by (a) using the 200 Exponential Moving Average as resistance and (b) the Elliot Wave guideline that tell us that a Wave 4 rarely extends into the price action of Wave 1.
2) The Bear Flag: We take the distance of the flagpole at breakout to predict the ending of Wave 5
3) Timing: We predict timing using Geometry. Draw a parallel line from the end of Wave 2 to the end of Wave 4. Then project that parallel line (Solid Black line) at the end of Wave 3. Combine this 1 or 2 or 1 and 2 and that is the landing zone. Look for a correct after the Wave 5 at $5,450 and then a bounce north. The bulls are getting ready to be released... Are you ready to run?
Note: The retrace between the white 1 and 2 is not a separate Wave because that "would be" Wave 4 retraces well into Wave 1's price action.
Happy Trading!
#FlintstonesGazoo #TheGreatGazoo
Gazoo: "But wait, surely there must be others more qualified than I".
Andre Benjamin: “Even the sun goes down, heroes eventually die/Horoscopes often lie, and sometimes ‘y’/Nothin’ is for sho', nothin’ is for certain, nothin’ lasts forever, but until they pull the curtain”...
It will be you and I...!!!
