ADA Off To the Races

So, Last time I had projected a bottom of our Wave 4 Correction at the 0.382 Fibb, well we're so boolish we didn't even make it there!! Remember this only happens around 15% of the time. So now we are targeting the top of Wave 5 and the completion of our 5 Impulse Wave Structure.

I don't quite have a Subwave count yet because there isn't enough data. If you say "wait but i see 5 waves up already!," Well, you're wrong. Don't forget that Wave 4 cannot retrace into Wave 1 territory, and if that little structure were to be 5 waves it would violate a primary rule of Elliot Wave Theory.

Targeting the 3.618 Fibonacci Extension of Waves 1 and 2 for Wave 5 since Wave 3 came extremely close to hitting the 2.618. Which would make 3.618 a 1-1 of Wave 1. Which is extremely common when Wave 3 is the longest.

Target for Wave 5 is 0.00004460 BTC

If you would like to see how this plays out here is the link to my idea on TradingView
https://www.tradingview.com/chart/ADABTC/Lp4NE3iR-ADA-Off-To-the-Races/

I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management!

Feel free comment any questions or chart requests you may have below. Happy trading!

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