I hit you guys with a scenario of us having finished our Wave 3 and being in our Wave 4 correction.... But that wasn't so.
As you can plainly see we pumped even MORE!!! Wow, Cardano really went on a moon mission with this one. So apparently we had finished SUBwave 3 of wave 5, and we broke the 2.618 and almost made it to the 3.618 Fibb Extension of waves 1 and 2.
So now I have corrected the wave count and have added the subwaves to explain how I derived my conclusion. We caught the 5 wave extension, but this still follows Elliot Wave rules because wave 3 is not the shortest and wave 2 and 4 do not overlap. Whala!!
So now that we are EXTREMELY overbought and have seemingly completed our count for wave 3, we should have the nice retracement for wave 4 that I had been expecting when I posted the last chart.
My Wave 4 target is still for the 0.382 Fibonacci Retracement , however this target is now around 2900 satoshis. And once we have completed this correction I have a wave 5 target up at the 3.618 Fibb Extension of our main waves 1 and 2, which is about 4450 satoshis.
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management! Please upvote and comment any questions you may have below. Happy trading!
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