First of all let me say I am still learning!!!
Based on my study and applying what I am studying using Elliott Wave to BTC/USD I found it interesting.
First let me put the Guidelines for Elliott Wave from elliottwave-forecast...elliott-wave-theory/
Guidelines
• Impulse wave subdivide into 5 waves.
• Wave 2 can’t retrace more than the beginning of wave 1
• Wave 3 can not be the shortest wave of the three impulse waves, namely wave 1, 3, and 5
• Wave 4 does not overlap with the price territory of wave 1
• Wave 5 needs to end with momentum divergence
Fibonacci Ratio Relationship
• Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1
• Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2
• Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50%
• There are three different ways to measure wave 5. First, wave 5 is inverse 123.6 – 161.8% retracement of wave 4. Second, wave 5 is equal to wave 1. Third, wave 5 is 61.8% of wave 1-3
With that said, my calculation is BTC completed wave 2 of the Impulse Wave.
After 02/08/2018 BTC drop to $5,873 on GDAX and pull back to $11,775 on 02/20/2018 which completes Wave 1.
Assuming yesterday's low (03/30/2018) as the next low, it completes the Wave 2 of Impulse wave.
Forecasting:
Wave 3 needs to be 1.618 times the Wave 1 which puts it at around $16,100. Then there will be a pull back to Wave 4.
Wave 4 can go a max of 38.2% Pull back which puts it at $12,400.
Wave 5 will be the previous high of $19,891.
Here starts the Corrective Wave.
Thanks for reading!!!
Based on my study and applying what I am studying using Elliott Wave to BTC/USD I found it interesting.
First let me put the Guidelines for Elliott Wave from elliottwave-forecast...elliott-wave-theory/
Guidelines
• Impulse wave subdivide into 5 waves.
• Wave 2 can’t retrace more than the beginning of wave 1
• Wave 3 can not be the shortest wave of the three impulse waves, namely wave 1, 3, and 5
• Wave 4 does not overlap with the price territory of wave 1
• Wave 5 needs to end with momentum divergence
Fibonacci Ratio Relationship
• Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1
• Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2
• Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50%
• There are three different ways to measure wave 5. First, wave 5 is inverse 123.6 – 161.8% retracement of wave 4. Second, wave 5 is equal to wave 1. Third, wave 5 is 61.8% of wave 1-3
With that said, my calculation is BTC completed wave 2 of the Impulse Wave.
After 02/08/2018 BTC drop to $5,873 on GDAX and pull back to $11,775 on 02/20/2018 which completes Wave 1.
Assuming yesterday's low (03/30/2018) as the next low, it completes the Wave 2 of Impulse wave.
Forecasting:
Wave 3 needs to be 1.618 times the Wave 1 which puts it at around $16,100. Then there will be a pull back to Wave 4.
Wave 4 can go a max of 38.2% Pull back which puts it at $12,400.
Wave 5 will be the previous high of $19,891.
Here starts the Corrective Wave.
Thanks for reading!!!