Universal1000

BTC Wave 4 target

BITFINEX:BTCUSD   Bitcoin
Double Three or WXY is one of the most important patterns in New Elliott Wave theory and probably the most common corrective pattern in the market nowadays, also known as 7 swing structure. Wave subdivision is 3,3,3 which means all of these 3 waves are corrective sequences.

The consideration is that Wave Y looks to require some more length to the south, but it looks as if we are in the final wave, perhaps targeting the 0.91 fib at the $1800 zone.

Looking at Pos Div on the RSI Weekly to give a great 'heads up'.

After that an extended Wave 5 to the moon.....
Penafian

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