In my last post, 'Time to Take Stock' I stated how critical this setup was in Bitcoin. In the end, it seems, for now, that we have a more complex flat 2 or B if corrective. Divergence is setup for a turn. Now price must turn, but I do see confluence for a hit very close to $3400 for now. In Time to Take Stock, I stated $3322 was important. I do not want a sustained breach of that level. Breaking that level by more than a spike is not my expectation at this time but that can change quickly.
If we can turn in this region, the fifth wave, provided we follow through targets $6400 before the next important correction.
You'll see also that I have a pyramid in the support area of my chart. This relates to my video on Youtube 'How to Trade Elliott Wave' where I showed how I think of position as a pyramid with your biggest position near the stop. A lot of traders do I think. But I also discuss how to 'move the pyramid' according to evolving fib extensions. That little detail was so appreciated, I started putting pyramids on all the charts I see a valid trade in.
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Note none of my work including the larger body of work for subscribers is intended to be a trade recommendation a I do not know your financial means, or risk tolerance. These are valid setups that can provide return, if using tight risk management with stops.
