BTCUSD retrace watch: Bitcoin to correct and test 3700 ?

21 déc. 2018

We have completed a vigorour 5 wave impulse, and awaiting the requisite correction.

The first leg down was a typical ABC correction, but it was not deep enough.
The bounce from that ABC did seem to be valid until it faded out at a lower high.
MORE IMPORTANLY, the bounce did NOT show 'impulsive' type behaviour.

The most common ABC correction to a 12345 is for wC to reach the w4 zone.
OR, if a WXYXZ correction that I am imaging, the wZ should test the w4 zone.
The path to get there is hard to say, but I am pretty confident we will test 3700-3800.

Lets see how this plays out.

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Background:
This is a continuation of my calculations to find the 'bottom' and consider whether it will go any lower or not.

First I saw 3618 and 3303 on CoinBase as important which had been on my charts for over 6 months:

Getting closer, I started to see a bigger picture of a 5 wave impulse that started with the 7400 drop:

As it bounced, 4425 came into focus as the big hurdle:

Zooming back out to the original large 5 wave impulse, targets were in sight again:

Then we had a strong bounce with perfect 12345, which I expected to top at 3800-3900

As the bounce progressed, the first retrace came into sight

Now I think we have completed the impulse up, and need a more serious correction to wave 4 going up

21 déc. 2018

Note

Here we are, at the first possible bounce point The fact that it meandered above for a while before hitting this point could indicate this is the low, and a simple ABC might be end of correction (but I doubt it).

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21 déc. 2018

Note

Zone is still holding, maybe wave X is going to go up soon