So, BTC has been following along within this little flag nicely..
Hitting my Wave Three target of 9,800 - 10,000.
But where was our retracement wave...??
if we zoom in , upon reaching 10k we saw a massive selloff. So big it brought the prices back down towards our $9,500 support line. Was this impulse downwards quick enough to be a possible wave 4 down..? and are we now heading towards our wave 5 range of $10,500 - $10,800?
Its a possibility but to me does not seem right, i would not cancel out the fact at any moment we could impulse and rally towards our wave 5 target , but keep aware that a retracement could still occur to test our $9,000 - $9,500 supports.
IF this is not the case, we may have simply witnessed an extension of our Third Wave and may experience our Fourth Wave shortly.
When going deeper and counting the sub-waves within Wave Three, we can clearly count a possible 5 sub-waves which could conclude our Third Wave.
If this is the case then shortly we may see a drop towards our supports between $9000 & $9500.
OUR TWO POSSIBILITIES :
One : We head upwards from here on towards $10,500 - $11,000
Two : We retrace and test our supports between $9,000 - $9,500 (WHICH MUST HOLD)
Shall sit down again later this evening to see how price is moving and discuss if either of these situations is more likely.
Hope this helps!
Legal Disclaimer: I have no idea what I'm doing and I'm not telling you to follow me or make investments based on this information, this is just my thoughts and ideas and what ill be following. Happy Trading!!