The Wave Count No One is Considering – BTC low might very well be in place.

Two possible paths for BTC. The favorite/bullish immediate term path above has a minute wave [iv] of minor wave 3 low in place via an expanding triangle. If this count is correct, then we should see BTC impulse upwards to new highs. My target for minor wave 3 of intermediate wave (3) per this count is ~145k. Alternatively, below is the immediate term bearish, albeit a much more bullish count in the longer term. This count is that minor wave 1 of intermediate wave wave (3) has topped and now minor wave 2 is pulling back. Targets for minor 2 can range from as shallow as the 38.2% retracement to the 61.8% retracement or from 85k all the way down to 70k. Assuming a 50% retracement for minor wave 2, then the minor wave 3 target would be 175k-200k. As the Portolio reflects, I favor the count shown on the top chart. Most people are focusing on the bearish head and shoulders pattern, I believe it will suck in a good number of shorts, that will ultimately get burned.

About alphahorn

I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
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