BITCOIN going parabolic... Where are we to look for a possible level for a short
Where are we to look for a possible level for a short**
2227 is my level to look for a possible top for wave 3 in the wave up from wave minor 4.
It's too early to say where this parabolic move will end, but parabolic moves normally end with a sudden burst of the bubble.
One of the few Elliott rules says: The 3rd wave can't be the shortest. That's the reason why I have the alt1 and 2 set in. The 3rd wave is already longer than wave 1 therefore there is no limit for the 5th wave up and therefor the parabolic move could still extend and go much further up and make a blowoff top.
UPDATE:
The research for this analysis started back when BTC was 170 dollar lower. But suddenly I was in a hurry posting it - cause 2227 was coming up fast. That resulted in minuette wave 1 and 2 being left wrongly on the chart - I post here the correct and updated chart with correct count:
I will track BTCUSD ongoing. Stay tuned.
Best to your trading
WALLSTScalper.com
René
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