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BTCUSD:Quick Wave (E) Update
As of my last post, numerous signs pointed to Wave (E) being complete. With this morning's move down, it re-opens the idea that Wave (E) is not complete (although it still could).
If Wave (E) is not complete then we have a good target for when it may complete.
The price target would be $630.09 which is the 61.8% fib ratio of Wave (C). Typically Wave (E) will be 61.8% the length of Wave (C) which takes us to that 630.09 target.
The time target is July 27th at around 8AM EST (noon GMT). This time is exactly the same time length of Wave (D). Fib ratio of 1.0 (60 bars on the 4 hour chart). Likewise, this is exactly the fib ratio of 2.0 of Wave (C) which was 30 bars on the 4 hour chart.
If Wave (E) is not complete, which is what I'm leaning towards then hitting $630.09 on July 27th at noon GMT makes a perfect target where we can place a buy order followed by a stop loss at $609.78 which is the bottom of Wave (C). If the low of Wave (C) is broken then that would be bearish and we would need to re-evaluate our waves.
If Wave (E) is not complete then we have a good target for when it may complete.
The price target would be $630.09 which is the 61.8% fib ratio of Wave (C). Typically Wave (E) will be 61.8% the length of Wave (C) which takes us to that 630.09 target.
The time target is July 27th at around 8AM EST (noon GMT). This time is exactly the same time length of Wave (D). Fib ratio of 1.0 (60 bars on the 4 hour chart). Likewise, this is exactly the fib ratio of 2.0 of Wave (C) which was 30 bars on the 4 hour chart.
If Wave (E) is not complete, which is what I'm leaning towards then hitting $630.09 on July 27th at noon GMT makes a perfect target where we can place a buy order followed by a stop loss at $609.78 which is the bottom of Wave (C). If the low of Wave (C) is broken then that would be bearish and we would need to re-evaluate our waves.
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