WANBTC 1D Elliot Wave count.
Looks like we just finished Wave 2 correction.
Targets for the Wave 3 (green rectangles) depending on the extension it will take.
As a rule of a thumb Wave 3 often reached 1 : 1.618 ext.
Red rectangle is a Target for a corrective 4th Wave.:
1. 2nd Wave retraced shallowly. Hence, wave 4 is expected to retrace steeply.
2. Even if Wave 3 reaches 1:1 ext, 0.5 fib retracement land in the same levels ( red rectangle )
3. It cannot retrace into the Wave 2 territory
DYOR.
Looks like we just finished Wave 2 correction.
Targets for the Wave 3 (green rectangles) depending on the extension it will take.
As a rule of a thumb Wave 3 often reached 1 : 1.618 ext.
Red rectangle is a Target for a corrective 4th Wave.:
1. 2nd Wave retraced shallowly. Hence, wave 4 is expected to retrace steeply.
2. Even if Wave 3 reaches 1:1 ext, 0.5 fib retracement land in the same levels ( red rectangle )
3. It cannot retrace into the Wave 2 territory
DYOR.
Note
Update count. I believe I missed the fact we still have the C of the corrective wave to finish.It ABC correction usually ends up in the low point of the previous Wave 4 territory. Hence, the ABC target.
Note
I am gonna be placing my buy orders near 7000 sat.Note
WAN/BTC 4H update.
We're as I believe we in 2nd Major Wave ( just starting to corrects after the 1st Major (12345).
I might be placing my buy orders in the red rectangle zone (0.5 - 0.618 fib retracement).
targets for the wave 3:
1. Small blue square - 1:1 ext
2. Big blue rectangle - 1:1.618 ext
In the grand scheme of things we might be starting in 2 CYCLE WAVE correction.
And then 3rd CYCLE WAVE.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.