the price action is no longer contained within the channel as you can see. that means the correction was a higher degree wave. i also had an invalidation of my wave 4 so this isn't a wave 4 correction any longer but a wave II (bigger degree) correction.
according to rules and guidelines of elliott wave principle wave three must never be the shortest wave so it should atleast be equal in length to wave I
using my windows calculator set to scientific you can calculate where wave I equals wave III in length
e^((ln(1163)-ln(2.22))+ln(255))=
(1163 is the ATH)
(2.22 is the start of wave I)
(255 is the recent low)
USD 133,587.83 per bitcoin
we have long way to go.
my previousious estimate of 7K to 10K is not correct because of the recent invalidation of wave 4 and realising the price action is outside the channel hinting at a higher degree (wave II)
according to rules and guidelines of elliott wave principle wave three must never be the shortest wave so it should atleast be equal in length to wave I
using my windows calculator set to scientific you can calculate where wave I equals wave III in length
e^((ln(1163)-ln(2.22))+ln(255))=
(1163 is the ATH)
(2.22 is the start of wave I)
(255 is the recent low)
USD 133,587.83 per bitcoin
we have long way to go.
my previousious estimate of 7K to 10K is not correct because of the recent invalidation of wave 4 and realising the price action is outside the channel hinting at a higher degree (wave II)