Bitcoin EW Update - The correction continues
The correction continues to unfold. It appears we've completed minuette wave 3 and we're currently working minuette wave 4. Since minuette wave 2 was a complex correction, and given the 3 wave retracement which as already been traced out as part of minuette 4, I'm anticipating that that wave 4 will be a simple flat, which is a common pattern for wave 4.
The target for minuette wave 4 is $4375. Assuming this target is reached, the target for minuette wave 5 would then be $3947. At that point, we'll have completed minute wave 1 and minute wave 2 will begin as an upward correction of minute wave 1.
I've relabeled the waves from subminuette to minuette since I think that is a better timeframe fit.
A rally above $4488.50, before minuette wave 5 completes, would invalidate this wave count.
If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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Very interesting to learn EW counts! I wonder if you could do some analysis on current XMR?
@cryptobrant, as requested, here is a wave count on Monero: https://steemit.com/bitcoin/@stocks29/monero-elliott-wave-analysis-5th-of-a-5th
With BTC at 4500 today, it seems like all of those minuettes are irrelevant...?
I'm showing a high of 4449.45 on the exchange I'm basing the charts off of, so the wave count hasn't been invalidated yet.
The wave count has been invalidated. I'm re-evaluating, but it's not quite clear what is going on just yet. It definitely still appears to be corrective waves, but it may be some sort of larger complex correction, possibly a double three. Once things develop a bit more and the picture is more clear, I'll post another update.
I posted a revised wave count: https://steemit.com/bitcoin/@stocks29/bitcoin-elliott-wave-revised-wave-count