"Are we there yet, No. Are we there yet, No. Are we there yet?"
Greetings Earthlings,
Every been on a long road trip with the kids and they keep asking the same thing? "Are we there yet" Are we almost there yet"... OMG - "NO"!!!!
If dollars were miles, we have about 3,400 miles to go! And is only 2,800 miles from L.A. to NYC. So..... Just sit back, relax, take in the scenery or take a long nap so you are rested and ready to go when we arrive. Ok... Here we go...
The all important Elliott Wave Theory tells the "COMPLETE" story. The monthly chart makes it easy to see.
Lets start with guidelines for Corrections.
Guidelines:
1) A Zigzag Correction is a corrective 3 waves structure labelled as "ABC"
(Yes - see labels)
2) Subdivision of wave A and C is 5 waves, either impulse or diagonal
(Yes - Drop down to the Weekly Chart and you can see the subdivision)
3) Wave B can be any corrective structure
(Ok - noted)
4) Zigzag Corrections are in a 5-3-5 structure
(Yes: See Weekly Chart and its easy to see the 5 Wave A, 3 Wave B and If we figure out the Waves of C, we can predict the timing)
Now let's look at Ratios.
Fibonacci Ratios (for zig-zag correction waves):
1) Guideline: Wave B = 50%, 61.8%, 76.4% or 85.4% of Wave A
(Yes - Wave B is 50% of Wave A)
2) Guideline: Wave C = 61.8%, 100%, or 123.6% of Wave A
(a) Wave C = 61.8% of Wave A
Wave A = $19891 - $6,000 = $13,891
Wave C = (Wave A price length) x 0.618 / (61.8%)
Wave C = $13,891 x 0.618 = $8,585
Wave C Completion = (Price at end of Wave B - Wave C Total)
Wave C Completion = $11,788 - $8585 = $3203
(b) 100% and 123% would yield a negative value (invalid possibility)
A validation that this is correct and the $3200 is the destination is that by guideline, after a 5-wave impulse advance, corrections (abc) usually end in the area of prior Wave 4 low (see chart).
A Non-Elliott Wave confirmation comes in the form of a "Symmetrical Triangle" formed off the bearish trend ranging from January 7 - March 4, 2018. Couple this with Support from the 200 EMA currently at $3114 (expected to rise over next few days/weeks) and all together we have some nice confluence to support the $3200 price point as the end of the correction.
Favorite this analysis... You won't want to miss it. No one has given so much evidence and confluence to support the actual end of the crypto retracement. I'll be your first, your last, and your only.
See you when we get their... Im about to nap! Well naw, maybe I should do some analysis on stocks.
Happy Trading!
#FlintstonesGazoo #TheGreatGazoo
Gazoo: "But wait, surely there must be others more qualified than I".
Andre Benjamin: “Even the sun goes down, heroes eventually die/Horoscopes often lie, and sometimes ‘y’/Nothin’ is for sho', nothin’ is for certain, nothin’ lasts forever, but until they pull the curtain”...
It will be you and I...!!!
Every been on a long road trip with the kids and they keep asking the same thing? "Are we there yet" Are we almost there yet"... OMG - "NO"!!!!
If dollars were miles, we have about 3,400 miles to go! And is only 2,800 miles from L.A. to NYC. So..... Just sit back, relax, take in the scenery or take a long nap so you are rested and ready to go when we arrive. Ok... Here we go...
The all important Elliott Wave Theory tells the "COMPLETE" story. The monthly chart makes it easy to see.
Lets start with guidelines for Corrections.
Guidelines:
1) A Zigzag Correction is a corrective 3 waves structure labelled as "ABC"
(Yes - see labels)
2) Subdivision of wave A and C is 5 waves, either impulse or diagonal
(Yes - Drop down to the Weekly Chart and you can see the subdivision)
3) Wave B can be any corrective structure
(Ok - noted)
4) Zigzag Corrections are in a 5-3-5 structure
(Yes: See Weekly Chart and its easy to see the 5 Wave A, 3 Wave B and If we figure out the Waves of C, we can predict the timing)
Now let's look at Ratios.
Fibonacci Ratios (for zig-zag correction waves):
1) Guideline: Wave B = 50%, 61.8%, 76.4% or 85.4% of Wave A
(Yes - Wave B is 50% of Wave A)
2) Guideline: Wave C = 61.8%, 100%, or 123.6% of Wave A
(a) Wave C = 61.8% of Wave A
Wave A = $19891 - $6,000 = $13,891
Wave C = (Wave A price length) x 0.618 / (61.8%)
Wave C = $13,891 x 0.618 = $8,585
Wave C Completion = (Price at end of Wave B - Wave C Total)
Wave C Completion = $11,788 - $8585 = $3203
(b) 100% and 123% would yield a negative value (invalid possibility)
A validation that this is correct and the $3200 is the destination is that by guideline, after a 5-wave impulse advance, corrections (abc) usually end in the area of prior Wave 4 low (see chart).
A Non-Elliott Wave confirmation comes in the form of a "Symmetrical Triangle" formed off the bearish trend ranging from January 7 - March 4, 2018. Couple this with Support from the 200 EMA currently at $3114 (expected to rise over next few days/weeks) and all together we have some nice confluence to support the $3200 price point as the end of the correction.
Favorite this analysis... You won't want to miss it. No one has given so much evidence and confluence to support the actual end of the crypto retracement. I'll be your first, your last, and your only.
See you when we get their... Im about to nap! Well naw, maybe I should do some analysis on stocks.
Happy Trading!
#FlintstonesGazoo #TheGreatGazoo
Gazoo: "But wait, surely there must be others more qualified than I".
Andre Benjamin: “Even the sun goes down, heroes eventually die/Horoscopes often lie, and sometimes ‘y’/Nothin’ is for sho', nothin’ is for certain, nothin’ lasts forever, but until they pull the curtain”...
It will be you and I...!!!
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