BTC - daily update 2018-07-25

It looks very much like we started the correction. What can we see so far? Well, we can count 5 waves in the green marked wave. We are working on wave 5 of what will most likely be a ABC correction when done. We are close to a area of support which i marked in light blue. I believe we going to turn around in this area to start wave B, marked in blue. We will likely go back to test the red resistance line at 8,190.

From here i see wave C to start. Wave C is likely to be same long as wave A which will bring us to the descending black support line. I marked the touching point in the light blue box. This will be a critical point. I see us moving up from here but we have to count the waves, as i expect us to see only 3 waves up, which will then confirm a Double ZIGZAG or wxy correction. I coming right now to this possibility as a rule of elliot wave says wave 2 will correct at least 50% of wave one (wave one is the whole move from 5,800 to 8,500). And as the ongoing wave A is more less in, the completion of the smaller ABC will not bring us to 50% or more.

But for now there is a lot of theory included in my analysis. We have to get more data first before i can be more precis. But this is what i am looking at. With a target area in the yellow box. You may have better data and come to a different conclusion. This is absolutely fine for me!

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