Double Correction Completing 9th July 2021
I've seen multiple counts that I'm not a fan of. Here is the one I am a fan of and the reasons why:
1. This correction started in February 2021 with a flat finishing in April. A is a one-one of C. I like this better than a wave one of the beginning of a C. If this leg down was a C, I believe it has lost all proportionality with the prior correction.
2. We have an X wave through April & May, plenty of fud and not enough directional action, leading to an unfinished correction and more time needed to flush the market.
3. Y triangle which I am expecting to complete on 9th of July giving us a one-one in time of the W wave.
4. 34k is a key level. A fib pull from the 2017 highs to the 2018 lows gives us 34k at the 1.272. If you go back to prior cycles, 1.272 has proven a key level of support or shelf where the subsequent action is.... you guessed it "up only".
5. Targeting 200k on the next move.
6. I don't buy into the lengthening cycles theory on BTC. Therefore, target date for the top in my view is Jan 2022.
7. Not expecting new lows from here. Instead expecting a short E wave to complete within the coming days.
Note: These observations could well be incorrect and should therefore be considered drivel & random lines with letters from the alphabet on a chart. Not advice to buy or sell and not expecting to be right.
1. This correction started in February 2021 with a flat finishing in April. A is a one-one of C. I like this better than a wave one of the beginning of a C. If this leg down was a C, I believe it has lost all proportionality with the prior correction.
2. We have an X wave through April & May, plenty of fud and not enough directional action, leading to an unfinished correction and more time needed to flush the market.
3. Y triangle which I am expecting to complete on 9th of July giving us a one-one in time of the W wave.
4. 34k is a key level. A fib pull from the 2017 highs to the 2018 lows gives us 34k at the 1.272. If you go back to prior cycles, 1.272 has proven a key level of support or shelf where the subsequent action is.... you guessed it "up only".
5. Targeting 200k on the next move.
6. I don't buy into the lengthening cycles theory on BTC. Therefore, target date for the top in my view is Jan 2022.
7. Not expecting new lows from here. Instead expecting a short E wave to complete within the coming days.
Note: These observations could well be incorrect and should therefore be considered drivel & random lines with letters from the alphabet on a chart. Not advice to buy or sell and not expecting to be right.
Wave E of triangle took a little more time than expected
New low was not found and E was shorter in price as mentioned
34K has been reclaimed
47K would be the next big resistance
Still seeing some EW counts discussing 5 legs down for A and now in B
Not buying that count
Break of 29.2k would not be a good sign but until then it's looking good