Amidst a global stock market flash crash, a spectacular sell-off continues in cryptocurrencies at an acceleration quicker than anticipated!
Rather surprisingly, the 61.8% Fibonacci retracement level from the all-time highs, and nearby zones of clustered support levels (derived from wave extension relationships); have all failed to provide any meaningful areas of confluence.
And so therefore, the next natural support zone is at the 78.6% Fibonacci retracement level from the all-time highs; i.e. at $4257 (Bitfinex).
In regards to the anatomy of wave formation, a rare Triple Zig-Zag structure may be in progress to conclude the final stages of the first crash wave.
https://i.imgur.com/NzuDwh2.pnghttps://i.imgur.com/YzLeo24.pnghttps://i.imgur.com/igYrfW3.pngDespite not being in the crypto Market, after reading several forums and articles I am impressed on your work. It is a pleassure to read you. I must admit I just registered just to comment on this post
I am curious if possible to know which equations do you use to make this graphs. It seems so far that the prediction despite time has been quite accurate or am I missing some part?
The graphs are made using
TradingView.com for free. The analysis on the charts; i.e. the Elliott Wave labeling is manually done by myself and doesn't require equations.
The internal structure of the waves can unfold in many possibilities; i.e. the assumed Triple Zig-Zag structure isn't going to plan as expected; however, the overall larger wave structure thus far remains in place.
The graphs are always indicative of wave form and price, not time; the analysis could unfold sooner or later.
