BITCOIN: CLOSEUP LOOK OF WAVES (1) AND (2)
As can be seen here, bitcoin is rising in wave (2) which should not reach the dashed RED line. That is our line in the sand which, if broken, will require a review of the wave labels.
Wave (1) down ended at $810 (the point marked (1) ). Wave (2), which is composed of red-coloured waves A, B and a developing wave C. This wave (2) appears to be forming an expanded flat correction whereby wave A is composed of three waves, wave B is composed of three waves and goes beyond the start of wave A, and wave C should have have five waves.i.e a flat is a 3-3-5 pattern.
I stated that I expect wave (2) to end at about $1010 level. This is because of the two lines (see the small arrow) which are clustered together depicting a Fibonacci cluster zone. NB: Elliott stated that the Fibonacci ratio is the basis of the Wave Principle which depicts mass human psychology.
-The blue line is the 61.8% retracement of wave (1) while the pink one is twice the size of wave A (in red) and added to the low of wave B (at about $750).
This gives a general target of $1010.
Wave (1) down ended at $810 (the point marked (1) ). Wave (2), which is composed of red-coloured waves A, B and a developing wave C. This wave (2) appears to be forming an expanded flat correction whereby wave A is composed of three waves, wave B is composed of three waves and goes beyond the start of wave A, and wave C should have have five waves.i.e a flat is a 3-3-5 pattern.
I stated that I expect wave (2) to end at about $1010 level. This is because of the two lines (see the small arrow) which are clustered together depicting a Fibonacci cluster zone. NB: Elliott stated that the Fibonacci ratio is the basis of the Wave Principle which depicts mass human psychology.
-The blue line is the 61.8% retracement of wave (1) while the pink one is twice the size of wave A (in red) and added to the low of wave B (at about $750).
This gives a general target of $1010.
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