BTCUSD - Inverted Chart - Valid ABC Count & Perfect Fibs

Using the inverted chart to plot a successful ABC correction since ATH.

This count fits fib perfectly (and so i like), although in a few cases the guideline of alternation doesn't apply.

In summary, we have a zig zag (5-3-5).

-A wave has a truncated 5th wave but that's ok. Fib fits perfectly.
-B wave retraces .5
-C wave has 5 wave structure. And using fib ext of wave 1-2 of wave C, we hit 2.618 right on the dot.

All in all, this is a valid and highly plausible zig zag corrective pattern. We can see in the blue line that wave A and C are in parallel, which is a good indicator when applying EWP.

*The count is invalidated once $3215 breaks
*The count expects a sharp reversal at $~3500, (.786 ret of the recent bullish swing)
*The count is highly preferred once high of $4384 is taken out. Giving a clear wave 3 breakout; we will expect long term uptrend in that scenario.

Commentaire:

btc with its propensity to retrace .786
a potential 1-2-1-2- on the daily might be in play

Commentaire:

virtually no volume to confirm an impulse.
care long.

Commentaire:

we just retraced to .786

Commentaire:

We have our sharp reversal at .786 as anticipated.

Now we wait for 4.3k to be taken out to further confirm our bias

Commentaire:

This post made me some cash - Me four months later