In this post:
.. I analyzed the current wave structure to predict where the price is going before a turnaround, and tried to rationalize whether we are on an Intermediate Wave 5 up, or we are still on the Intermediate Wave 4 down to $20k ish.
To help determine this, let's analyze these 2 points back in 2018: the red circle or the blue circle is analogous to where we are now. I know the price structure doesn't look the same, but the wave structure is representative of this current pump.
In both circled areas, there is a large drop after the big pump: the question is whether you can tell what the drop represents: does the subsequent drop represent a correction of a wave up? Or a continuation of the wave down?
The key is to look at the candles. In the red circle, you can see the wave up is a mix of red and green, but the wave down is solid red. In the blue circle you can see the waves up are green, and the waves down are a mix of red and green. That's the biggest hint I think in telling the difference. On Sunday night or Monday morning when I think we see a drop down, I will be looking at the hourly candle structure AND wave structure to hopeful distinguish between a corrective wave or a continuation wave.
.. I analyzed the current wave structure to predict where the price is going before a turnaround, and tried to rationalize whether we are on an Intermediate Wave 5 up, or we are still on the Intermediate Wave 4 down to $20k ish.
To help determine this, let's analyze these 2 points back in 2018: the red circle or the blue circle is analogous to where we are now. I know the price structure doesn't look the same, but the wave structure is representative of this current pump.
In both circled areas, there is a large drop after the big pump: the question is whether you can tell what the drop represents: does the subsequent drop represent a correction of a wave up? Or a continuation of the wave down?
The key is to look at the candles. In the red circle, you can see the wave up is a mix of red and green, but the wave down is solid red. In the blue circle you can see the waves up are green, and the waves down are a mix of red and green. That's the biggest hint I think in telling the difference. On Sunday night or Monday morning when I think we see a drop down, I will be looking at the hourly candle structure AND wave structure to hopeful distinguish between a corrective wave or a continuation wave.