Elliott Wave rules say that wave 3 is often the longest and never the shortest. With that in mind, wave 3 needs to exceed the length of wave 1. So let's set a minimum target based on this knowledge using a 1:1 fib extension.
You can see the minimum target around $15,244.
Based on 30 minute charts, there's a clear wave 1 and 2 formed after the completion of wave 2. So let's take a fib based on that information and see if our extension of those waves lines up with the newly formed minimum target of 15244.
We aren't even close!!
This tells me that these subwaves 1 and 2 are likely subwaves of a subwave of wave 3. Is that too much to follow? Let me make it worse for you.
With a final display something like this:
Let's hear your thoughts. Personally, I believe we are in a wave 3 that could take weeks. This will create opportunities for swing trades as well as for alt trades. We have some hurdles to overcome, but I don't foresee a situation in which we don't overcome those hurdles at this time.
You can see the full chart on trading view at this link: https://www.tradingview.com/chart/BTCUSD/Q1HG21cd-Are-we-in-for-a-LONG-wave-3/
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