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.
Again a pleassure to read you. Thanks for answering me.
I do agree on the overall structure. I have been following the rate at GDAX when it jumps a little comments start appearing saying the bottom has been reached, but when you start zooming out is amazing how it sticks to your first assumption on Jan 16.
As we can see it seems that the time.is shortening or that the reations are faster even when the volume that is being operated is double since yesterday night ( I would assume that the less volume.the most easy to change)
Any papper / article you suggest on the Elliot wave subject?
Regards
Edit: when you talk about the Fibonacci, you refer to the sequence? where this sequence is appied?
