There are numerous wave counts for the recent correction. Many traders are all viewing it with different perspective and counts. One of the count that I think is quite possible, is the expanded flat where corrective wave B positions higher than the wave 5. Usually for this type of correction, the waves tend to form 3-3-5 instead of 5-3-5 zigzag structure. The structure can be considered as extended correction as long as wave B is less than 1.382 of wave A. If we get extended sub-wave 5, we are most likely to reach $8,200~$8,300.
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تعليق
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For the expanded flat correction, we usually target wave C by extending wave A by 1.618 on the start of wave b. In this case it would be $8,100
Finally the bullish butterfly seems that it became a bullish cypher. Breaking down the channel will confirm the pattern.
Coinamic
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My forecast for ETH, works almost in the same way in BTC.
Acel
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1.236 ( or 1.272 -its the same practically) C:A ratio is also pretty common.
Visually it doesnt look as a 335 to me because: 1) I think A is impulsive and 2) B is too big compared to A and C.
itsaworry
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Great , . . i was wondering if it was just going to rise up from approx 8,220 . . but its the flat correction taking place . . maybe . . i actually look at your Korean charts if you don't have time for the English ones , information can still be gained from your charting , thanks for posting .
RobertBizzarro
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That's how I've got it charted, but I see the Bottom of Wave 2 at the golden zone between .50 Fib and .618 Fib. around $7,900-$7,800
Tommy_Trader
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@RobertBizzarro, Thanks for sharing your thought. I$7,900 is my next target but I think there is a very strong support around $8,100~$8,200 and I am expecting it to now break this region.
supestv
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I think it's very unlikely that wave B can correct to 10k. It's more likely that A started at 10k. Your subwave 3 on your wave C is actually wave B.
Tommy_Trader
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@alexyeoh, Well this count is one of many possible counts. The count you are told me is the one i have been using for my primary. I just brought this secondary count for different consideration and perspective. And if you look up and research, extended flat correction does happen often where wave B goes higher than wave 5.