We appear to be in an ABC (red) correction out of which we have the last leg (yellow 5th wave) of (c) to play out. The current 4h subwave will top out now at $260 (0.382 fib) or at $270 (0.5 fib).
T1 is aligned with 5th subwave and (c) wave Fib levels with assumption that this is 4th wave from Dec bottom
T2 will be a stretch goal with assumption that Dec rally is over (5 waves done)
This chart will be invalidated if price goes above $290, meaning the ABC is already done and we are in the beginning of 5 wave impulse
Count Invalidated (Bullish) : $390
Target1: $280
Target2: $245
My linked BTC chart shows the possibility of a further drop which should drag BCH down as well
T1 is aligned with 5th subwave and (c) wave Fib levels with assumption that this is 4th wave from Dec bottom
T2 will be a stretch goal with assumption that Dec rally is over (5 waves done)
This chart will be invalidated if price goes above $290, meaning the ABC is already done and we are in the beginning of 5 wave impulse
Count Invalidated (Bullish) : $390
Target1: $280
Target2: $245
My linked BTC chart shows the possibility of a further drop which should drag BCH down as well
코멘트:
T1 hit perfectly @$280. Notice how 4th wave bounced to 0.382@360 (EW & Fibs are cool)
T2 ($245) may also hit the way things look with #BTC
T2 ($245) may also hit the way things look with #BTC
거래청산: 타겟 닿음:
I overlooked that we came withing $10 of our T2 target ($245). Which is pretty good. On a second look at the final 5th wave, we are done with 5 subwaves (blue). Now the bounce confirms it (+BCHBTC ratio)
This yellow 5 waves were textbook EW with Fibs (see chart)
This yellow 5 waves were textbook EW with Fibs (see chart)
RSI is also dropping to the channel bottom at 20
BTW our T2 is at 200DMA