This could be the subwave 2 on the larger W3 for Bitcoin if it holds above the $6000 level.
I am seeing a WXY correction currently in this subwave 2.
The specific rules + guidelines for ABC and WXY corrections provide confluence to holding the support at $6000
If we get a deeper retracement than 38-50% for subwave B it's a bullish indicator + could see a bounce higher than the $6k-$6.3k
MACD looking like its about to hook over to start the B wave moving upwards
Rules + Guidelines:
- Wave B is next most likely to retrace Wave A by about 50%.
- Wave B is next most likely to retrace Wave A by about 61.8%.
- The next most likely price length for Wave C is 61.8% of Wave A beyond the end of Wave A.
- Wave Y is next most likely to be equal to 61.8% or 161.8% of W by price.
Let me know what you think, any feedback is welcomed!
Thanks
I am seeing a WXY correction currently in this subwave 2.
The specific rules + guidelines for ABC and WXY corrections provide confluence to holding the support at $6000
If we get a deeper retracement than 38-50% for subwave B it's a bullish indicator + could see a bounce higher than the $6k-$6.3k
MACD looking like its about to hook over to start the B wave moving upwards
Rules + Guidelines:
- Wave B is next most likely to retrace Wave A by about 50%.
- Wave B is next most likely to retrace Wave A by about 61.8%.
- The next most likely price length for Wave C is 61.8% of Wave A beyond the end of Wave A.
- Wave Y is next most likely to be equal to 61.8% or 161.8% of W by price.
Let me know what you think, any feedback is welcomed!
Thanks
