I was right after all on BTC with the 47k target for reversal

What threw me off so much was the fact that the last swing high (Wave B) went above the start of Wave A in the zigzag. That was NOT supposed to happen. Technically that was an EW violation, but the pattern still played out.

With that said, we have corrected with an impulse down on wave C that has finalized. Wave 5 in the impulse was elongated but ended exactly at the 61.8% fib swing of the start of the impulse to wave 3 and back to wave 4. Volume is confirming wave 5 has ended with lower and lower volume.

This level ALSO is the 61.8% fib of Wave A in the diagonal wave A, which suggests the first place that we would have seen Wave C correct to. With the impulse leg on Wave C verified as completed, we can make the case here that the ABC zigzag correction is over and we should enter long positions.

評論:

Here are a couple of things we are looking for, because after every impulse, a correction is to be expected. In our case, we are looking for either a double bottom here, OR the potential that 100% A=C on the larger correction model was always the plan.

DO NOT be surprised if that does happen. If we move down to the 123.6% fib of wave A on the retest, I suspect that a slightly larger correction down to around 45-46k is likely. So jus keep that in mind and don't freak out if it does happen.

But do expect at least a double bottom to confirm if this is truly the bottom here or not.