Are we in a C wave? @ CrappyTrader Notes #3
So we are getting into some sort of clarification with the BTCUSD price action.
This is the most probable scenario at the moment. Seems like we are in the C wave of the ABC extended flat correction.
Let’s have a look into details of the most recent price action.
If we are indeed in the C wave of the ABC correction than we should expect an impulse wave. So looking at the charts this is one possible count for today
In this count mini trading range in recent days was just the flat correction and today we are at the beginning of the third wave. I expect that this wave might be stronger than the wave no. 1 so possible target areas are between 48k — 37k(1.0 vs 1.6 fibonacci coefficient).
This target is consistent with the October — November trading range P&F count where I got 41–37k USD range.
We’ll see in a couple of days if this scenario is still the most probable. Stay tuned.