Fibonacci Magic!! - POE
I was requested by someone to do POE! So here you go! I think I can rap and flow, you know?
Ok, so, I have a bunch off fibbs drawn everywhere I know. Fibonacci is such a cool tool, if you haven't used it, you totally should.
At first I wasn't sure if this would count well because the subwave count looks so odd (especially Wave 3) , but as soon as I threw the fibbs on, it was like I was looking through a crystal ball!!
These fibb retracements are Elliot Wave GOLD!! Our Wave 2 retraced to the 0.786 Fibb. Hit it right on the head with a wick. Wow it's like magic!! How could you have predicted this before hand!?
Not only did Wave 2 retrace to the 0.786 fibb, but wave 3 hit the 1.618 extension. And after that, following the Rule of Alternation, since wave 2 was a deep 0.786 retracement, wave 4 was a shallower 0.5 fibb retracement. And WOW!! We hit 0.5 exactly also!! These fibbo thingys are cool eh?
Now onto wave 5!! Well, I don't believe wave 5 is complete yet, and since Wave 3 hit the 1.618 I will assume conservatively that we have a 1-1 ratio of Wave 1 from Wave 4. At the highest, I would expect Wave 5 to hit the 2.618 extension of Wave 1.
Now I haven't extrapolated any targets for our ABC correction upon completion of Wave 5 because we don't yet know how far wave 5 will extend, however we can reasonably assume based on the Elliot Wave Guidelines that it will most likely be within Wave 4 territory.
Targets
Wave 5 - Between 650 and 780 Satoshis
ABC Retracement - Between 490 and 600 Satoshis
If you would like to see how this plays out here is the link to my idea on TradingView
https://www.tradingview.com/chart/POEBTC/TfzBeBXc-Fibonacci-Magic-POE/
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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