The price appears to be forming Major Wave 5, which is part of Cyclical Wave 3 on the higher time frame. Currently, we anticipate the price is completing Wave [iv], after which it is expected to move upward, breaking the recent high to form Wave [v] of Wave 3. Following this, a corrective Wave 4 is likely to occur, targeting lower levels.
According to Elliott Wave theory, Wave 4 often retraces to the range of the prior Wave 4 of a lower degree in the recent structure. Based on this guideline, our potential targets are as follows:
1st taget 89,200 2nd target 83,485 3rd Taget 78,468
By El- Sayed Owaidy, CETA, CFTe Founder of The Egyptian Academy for Elliot Wave “EAEW”
Trade ativo
BTC is still in the process of forming wave 4. After breaking the recent high and reaching the 103,600 level, which appears to represent wave B of wave 4, it is expected that the price is now developing wave C of wave 4 within a flat formation. If this holds true, we anticipate a downward movement in five declining waves, potentially testing the low at 90,800 or finding support within the previous wave (iv) range of 89,200–87,358.
Trade fechado: objetivo atingido
As anticipated, the price retraced to 90,754, marking wave A of the running expanded flat within the range of the previous wave 4. Following the completion of the ABC formation, we reached the first target of wave 5.
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