My daily target of $350 remains unchanged for it is based on both, - the weekly and daily volatility and there are still chances that we will get there in a day or two.
However, there are some signs that before we get there we may well have a decent pull back and here is why.
1). We got rejected at 0.618 retracement of the entire move from all time high of $415 to our recent low of $134, which is typical for the corrective waves "2" and "X";
2). The blurred internal wave structure, as well as a relatively long extension of the last move up, is very typical to corrective waves"B" and "Y";
Based on the assumption that we have completed the major correction (wave II of (III) here is the big picture wave count.
https://ibb.co/jVWNev
And a close up with targets of the pull back in wave (y)
https://ibb.co/h3m5zv
Same thing with Fibonacci retracement levels and dates:
https://ibb.co/gNxTKv
There's still a possibility that we have not completed the wave II of (III) which will be confirmed if the expected pull back goes beyond wave (y) targets.
Very much appreciated!!
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Thank you Srezz, good to see that you found a better crowd here, keep it up man!
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Thank you.
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Thank you Srezz!
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Thanks for the detailled analysis, Srezz! Just to make sure a novice like myself understands correctly, if a pull back occurs on its way to $350, perhaps at around $317, then it may lead to a target of around $231 before turning higher. If it goes lower than wave (y), the price could drop to $206/$$185/$172 levels.
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WXY is the 3-3-3 type of a correction as supposed to ABC correction where 5 waves A is followed by 3 waves B, which is followed by 5 waves C (5-3-5 ) https://elliottwave-forecast.com/elliottwave/difference-wxy-abc-structure/
I'm showing Wave (2) (green targets) as 3-3-3 correction ((w)(x)(y)) with the last wave (y) in play (red)
Green and red targets intersect @185, that would be the target of wave (2)
However, today's performance indicates that the wave (x) is still in play and depending on where it gets terminated the targets of wave (y) will have to be adjusted upwards accordingly.
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Great, thanks!
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What charting system are you using? Also which exchange do you base your prices on now that xbtce is dead?
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