ABC completion to upside downward impulse structure forming!!
The forecastable ensuing path for bitcoin price action since November 9 when bitcoin bounced off ~$15600 was paramount to the identification of the wave structure of that such bounce; whereby, price if zoomed in bounced up in a clean 5 wave count with extreme validity. Therefore, given such wave structure of the bounce we could expect a 5-3-5 flat pattern to follow; from the ~18200 high we then came down in a WXY triple zig zag formation hence explaining why a low was not broken and the identification of corrective price action can explain why a break lower did not occur. As a B wave cannot be in 5 waves, 3 wave or zig zag variations were only likely with a 1:1 extension of wave A occuring to the bottom of B wave.
There is a high likely hood that the C wave top has been found with a 5 wave impulse structure evident to give validity to a ABC correction completion at ~$17400; the C wave acheived close to a ~0.786 extension of wave A which shows some inherent weakness in the market. From the top a strong rejection was evident and the beginning of a proposed impulsive wave structure to the downside as identified in the chart is extremely likely; presented as a 1,2 followed by another 1,2 impulse wave structure.
Lets see how this one plays out.
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There is a high likely hood that the C wave top has been found with a 5 wave impulse structure evident to give validity to a ABC correction completion at ~$17400; the C wave acheived close to a ~0.786 extension of wave A which shows some inherent weakness in the market. From the top a strong rejection was evident and the beginning of a proposed impulsive wave structure to the downside as identified in the chart is extremely likely; presented as a 1,2 followed by another 1,2 impulse wave structure.
Lets see how this one plays out.
Please like and follow for more Elliot Wave Analysis!
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