BITFINEX:BCHUSD is ready to rock-n-roll.
This is a trade for the extending 5th wave. The main trading method that I apply is Elliot Wave Theory with some indicators for confirmation.
I did extensive analysis in the related idea BITFINEX:BCHUSD-BREAKOUT-EXTENDING 5TH).
Review:
We have completed Waves 1, 2, 3, and 4 (ending).
Wave 3 Extended over 700% of Wave 1. After Wave 3, a rare expanding diagonal triangle formed which according to Elliot suggest that Wave 5 will extend as well. This could be a rare Wave where there are two extended impulse waves. Don't forget that we already completed higher degree waves 1 & 2 (Cycle Waves). Also, it is impossible to know exactly where the terminal point of a extending wave will end. But, we will try our best to figure that out because there is just as much money to be made in corrections.
Let's review the charts:
We have a Micro-Wave ready to fly...
Key target: 1.618 ($562)
Anticipated Terminal 5th Wave Target: $760-$725
Turn up the music!
Will update.
-AB
This is a trade for the extending 5th wave. The main trading method that I apply is Elliot Wave Theory with some indicators for confirmation.
I did extensive analysis in the related idea BITFINEX:BCHUSD-BREAKOUT-EXTENDING 5TH).
Review:
We have completed Waves 1, 2, 3, and 4 (ending).
Wave 3 Extended over 700% of Wave 1. After Wave 3, a rare expanding diagonal triangle formed which according to Elliot suggest that Wave 5 will extend as well. This could be a rare Wave where there are two extended impulse waves. Don't forget that we already completed higher degree waves 1 & 2 (Cycle Waves). Also, it is impossible to know exactly where the terminal point of a extending wave will end. But, we will try our best to figure that out because there is just as much money to be made in corrections.
Let's review the charts:
We have a Micro-Wave ready to fly...
Key target: 1.618 ($562)
Anticipated Terminal 5th Wave Target: $760-$725
Turn up the music!
Will update.
-AB
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Important to note:
Corrections often alternate
When we get two extensions in a five wave sequence and they are the third and fifth waves respectively, there is an even greater chance for a sharp correction once the extended fifth wave is completed.
Important to note:
Corrections often alternate
When we get two extensions in a five wave sequence and they are the third and fifth waves respectively, there is an even greater chance for a sharp correction once the extended fifth wave is completed.
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Still looking good...
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ZigZag Correction (Above)
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40,000 FT VIEW
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Spiral Intersections are important and usually note a price-action move.
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Noted STOP.
Noted STOP.
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Sub-Wave 3=$529
Sub-Wave 3=$529
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Bears are putting up a good fight...
Stay the course...
Stay the course...
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Bears out of ammo?
Bears out of ammo?
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Looks like it...
Looks like it...
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Still need to complete the 5 sub-waves...
We are getting closer.
We are getting closer.
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Hypothetical Price-action...
Hypothetical Price-action...
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3 Min:
Extending S-Wave 3
3 Min:
Extending S-Wave 3
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Correction(Above): Not Extending S-3.
*Price Action could have possibly extended
Original Analysis was correct.
Shorter the tic length the more challenging it is to count waves.
*Price Action could have possibly extended
Original Analysis was correct.
Shorter the tic length the more challenging it is to count waves.
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Stay the course...
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Looks like a whip...
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5 Sub-Waves
Breakout or Another set of 5-3-5?
5 Sub-Waves
Breakout or Another set of 5-3-5?
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Micro-Wave
Holding the line....
Micro-Wave
Holding the line....
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STOP: RED TRENDLINE
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Reminder: Wave 2 can retrace up to 100% of Wave 1.
Make sure stops are below the beginning of Wave 1.
Make sure stops are below the beginning of Wave 1.
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Micro-Wave didn’t hold...
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504-505 is Critical
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Stay the Course...
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Looking to test 21 EMA
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It will be back up in no time...
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See you in the AM.
Stay the course...
Stay the course...
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Let's see what we got going on this AM.
I think we have a Wave formation here.
I think we have a Wave formation here.
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Bottoms Alternate
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Complex, Spike, Complex....
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Stay the course...
Stay the course...
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Extending S-3?
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Momentum is building...
Longer time-frame 30-60-90 shows high momentum...
Shorter time-frame 3-6-9 trending higher....
Momentum is building...
Longer time-frame 30-60-90 shows high momentum...
Shorter time-frame 3-6-9 trending higher....
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Bears are folding...
Bears are folding...
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Breakout imminent...
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Key Target is always the golden ratio...
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I bet a lot of people got washed out last night and are going to be chasing this move...
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Breakout Alert...
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Volume Flow
Volume Flow
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imminent...
imminent...
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ZigZag Correction Ending...
Stay the course...
ZigZag Correction Ending...
Stay the course...
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Just finished another "ABCDE" Correction...
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Ladies and Gentlemen,
The time has arrived...
The time has arrived...
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Above: Last 'E' Wave...
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Expect an Extended 5th...
Expect an Extended 5th...
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Buyers are starting to come in...
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Breakout Alert...
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*Correction
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Weis Wave - Increasing Buyers + Decreasing Sellers
TEMA RSI - High Strength
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TEMA RSI - High Strength
....
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Staying the course...
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Please be the breakout!
Please be the breakout!
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21 EMA is support.
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Slow moving CAT 5 Hurricane.
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Building solid support.
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1HR needs to cross 21 EMA for the breakout.
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9 Correction Waves (Complex)
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Excuse me...
Officially 10 Corrective Waves...
BOO-YAH
Officially 10 Corrective Waves...
BOO-YAH
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That was exhausting...but worth it.
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Target 1: 550
Target 2: 590
Target 3: 760-730
Target 2: 590
Target 3: 760-730
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Follow the Spirls for Hypothetical Price-action...
Follow the Spirls for Hypothetical Price-action...
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Shorts will be getting alerts and will be scrambling...
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Sub-1 & Sub-2- Fibonacci 1.618 Extension
Price broke strongly above...
Extending 3rd S-3
Price broke strongly above...
Extending 3rd S-3
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Note for Higher degree 3rd waves.
Wave degrees often correlate with each other.
Wave degrees often correlate with each other.
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CAT 5 Hurricane approaching about to make an impact.
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OBV Divergence from price-action
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Keep Calm And Carry On
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Chart will break down if we go below Wave 1 Terminal
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Breakout Alert
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CAT 5 Hurricane is making landfall.
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Bears are drying up...
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Bulls waiting for confirmation...
Who blinks?
Who blinks?
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Reflex?
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Last Call...
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In the eye of the CAT 5...
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Straight to $590...
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Extending S-3?
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Higher (Yellow)
Lower (Blue)
Lower (Blue)
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All ABOARD!
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Here we go...
Thread getting long.
Will be updating with new idea shortly.
Thread getting long.
Will be updating with new idea shortly.
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The longly anticipated extending 5th Wave!
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Underscore LONGLY.
-AB
-AB
Wow...