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BCH-Rock-n-Roll-Wave Analysis-Extending 5th
$BITFINEX:BCHUSD is ready to rock-n-roll.
This is a trade for the extending 5th wave. The main trading method that I apply is Elliot Wave Theory with some indicators for confirmation.
I did extensive analysis in the related idea $BITFINEX:BCHUSD-BREAKOUT-EXTENDING 5TH).
Review:
We have completed Waves 1, 2, 3, and 4 (ending).
Wave 3 Extended over 700% of Wave 1. After Wave 3, a rare expanding diagonal triangle formed which according to Elliot suggest that Wave 5 will extend as well. This could be a rare Wave where there are two extended impulse waves. Don't forget that we already completed higher degree waves 1 & 2 (Cycle Waves). Also, it is impossible to know exactly where the terminal point of a extending wave will end. But, we will try our best to figure that out because there is just as much money to be made in corrections.
Let's review the charts:
We have a Micro-Wave ready to fly...
Key target: 1.618 ($562)
Anticipated Terminal 5th Wave Target: $760-$725
Turn up the music!
Will update.
-AB
This is a trade for the extending 5th wave. The main trading method that I apply is Elliot Wave Theory with some indicators for confirmation.
I did extensive analysis in the related idea $BITFINEX:BCHUSD-BREAKOUT-EXTENDING 5TH).
Review:
We have completed Waves 1, 2, 3, and 4 (ending).
Wave 3 Extended over 700% of Wave 1. After Wave 3, a rare expanding diagonal triangle formed which according to Elliot suggest that Wave 5 will extend as well. This could be a rare Wave where there are two extended impulse waves. Don't forget that we already completed higher degree waves 1 & 2 (Cycle Waves). Also, it is impossible to know exactly where the terminal point of a extending wave will end. But, we will try our best to figure that out because there is just as much money to be made in corrections.
Let's review the charts:
We have a Micro-Wave ready to fly...
Key target: 1.618 ($562)
Anticipated Terminal 5th Wave Target: $760-$725
Turn up the music!
Will update.
-AB
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Wow...
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Important to note:
Corrections often alternate
When we get two extensions in a five wave sequence and they are the third and fifth waves respectively, there is an even greater chance for a sharp correction once the extended fifth wave is completed.
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Still looking good...Not
ZigZag Correction (Above)Not
40,000 FT VIEWNot
Spiral Intersections are important and usually note a price-action move.Not
Noted STOP.
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Sub-Wave 3=$529
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Bears are putting up a good fight...Stay the course...
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Bears out of ammo?
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Looks like it...
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Still need to complete the 5 sub-waves...We are getting closer.
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Hypothetical Price-action...
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3 Min:
Extending S-Wave 3
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Correction(Above): Not Extending S-3. *Price Action could have possibly extended
Original Analysis was correct.
Shorter the tic length the more challenging it is to count waves.
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Stay the course...Not
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Looks like a whip...Not
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5 Sub-Waves
Breakout or Another set of 5-3-5?
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Micro-Wave
Holding the line....
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STOP: RED TRENDLINENot
Reminder: Wave 2 can retrace up to 100% of Wave 1. Make sure stops are below the beginning of Wave 1.
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Micro-Wave didn’t hold...Not
504-505 is CriticalNot
Stay the Course...Not
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Looking to test 21 EMANot
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It will be back up in no time...Not
See you in the AM. Stay the course...
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Let's see what we got going on this AM. I think we have a Wave formation here.
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Bottoms AlternateNot
Complex, Spike, Complex....Not
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Stay the course...
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Extending S-3?Not
Momentum is building...
Longer time-frame 30-60-90 shows high momentum...
Shorter time-frame 3-6-9 trending higher....
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Bears are folding...
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Breakout imminent...Not
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Key Target is always the golden ratio...Not
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I bet a lot of people got washed out last night and are going to be chasing this move...Not
Breakout Alert...Not
Volume Flow
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imminent...
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ZigZag Correction Ending...
Stay the course...
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Just finished another "ABCDE" Correction...Not
Ladies and Gentlemen,The time has arrived...
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Above: Last 'E' Wave...Not
Expect an Extended 5th...
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Buyers are starting to come in...Not
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Breakout Alert...Not
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*CorrectionNot
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Weis Wave - Increasing Buyers + Decreasing SellersTEMA RSI - High Strength
....
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Staying the course...Not
Please be the breakout!
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21 EMA is support.Not
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Slow moving CAT 5 Hurricane.Not
Building solid support.Not
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1HR needs to cross 21 EMA for the breakout.Not
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9 Correction Waves (Complex)Not
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Excuse me...Officially 10 Corrective Waves...
BOO-YAH
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That was exhausting...but worth it.Not
Target 1: 550Target 2: 590
Target 3: 760-730
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Follow the Spirls for Hypothetical Price-action...
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Shorts will be getting alerts and will be scrambling...Not
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Sub-1 & Sub-2- Fibonacci 1.618 Extension Price broke strongly above...
Extending 3rd S-3
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Note for Higher degree 3rd waves.Wave degrees often correlate with each other.
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CAT 5 Hurricane approaching about to make an impact.Not
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OBV Divergence from price-actionNot
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Keep Calm And Carry OnNot
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Chart will break down if we go below Wave 1 TerminalNot
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Breakout AlertNot
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CAT 5 Hurricane is making landfall.Not
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Bears are drying up...Not
Bulls waiting for confirmation...Who blinks?
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Reflex?Not
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Last Call...Not
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In the eye of the CAT 5...Not
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Straight to $590...Not
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Extending S-3?Not
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Higher (Yellow)Lower (Blue)
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All ABOARD!Not
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Here we go...Thread getting long.
Will be updating with new idea shortly.
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The longly anticipated extending 5th Wave!Not
Underscore LONGLY. -AB
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