I wanted to see where we were at in the whole grand scheme of things.
You've got some saying that bitcoin is done and is never coming back and some saying it's going to a million by 2020. Elliott Wave isn't perfect but it's another tool in the tool box. If you have an idea where you're at right now in terms of price and time you can just let noise flow and use the noise as a timing tool as well.
Elliott Wave is fractal with 5 impulse and 3 corrective and the wave patterns 5 up and 3 down just repeat over and over again increasing to greater degree as time goes on.
I'm not going to get into too much but according to my analysis is we're finding the bottom for wave 4 in the minute wave. In other words, we just left wave 3 of 3 in December.
Wave 3 of 3 is something to behold it's fast and sharp everyone gets in on the action. In the Cryptos case not everyone in the world did but there certainly was a buzz all over the internet and so on.
So after wave 3 comes wave 4. Wave 4 will settle out around the previous wave 4, somewhere where we're at now but if this wave 4 fails there's another one lower. Either way..... after wave 4 is complete in finding a bottom, we then go into wave 5.
So there you have it. The high in December 2017 wasn't the all time high We have another high after that....... wave 5.
Now that's not all folks. That's just 3 waves there's 2 more waves after that ......... Wave 4 and then 5 next greater degree.
So that leaves us with projections......
Well lets look at other areas of support for the other corrective waves. The corrections ranged anywhere from 30% to one time at around 90%, We took about a 70% hit this time around but you never can tell, we could take a 90% hit. The previous wave 4 took hit of about 70%
So upside target after the wave 4 low. The most recent was 15x and the one in 2011 was about 50x.
Wave 4 is usually a triangle as well, so we could see 5 waves inside a triangle to complete wave 4 going into wave 5. This wave we're in could be a chance to make some serious trading profits if a triangle is forming...... a retest to the previous high would be wave 2 and then wave 3 down and then wave 4 up (retest) and the final wave 5 down to create the fuel to propel the price up past the high in December 2017.
Or........... you could just play golf all summer and wait for wave 5 to unfold whenever that's going to be.
A single cycle idealized wave.
Elliott Wave full cycle
Elliott Wave cycles
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