In my last chart I left you with 2 targets for the completion of Wave 5. We hit my first target on the head and seem to be correcting now. We are now in our ABC correction and on target to hit the 0.382 Fibonacci Retracement.
My reasoning is as follows. Wave Wave B retraced to the Golden Pocket of Wave A already, and the 1-1 extension of wave A is exactly at the 0.382 fibb. therefore I think there is a high probability of us retracing to there.
I left my second target on just incase we are in an extended Wave 5 and my Wave A is really Subwave 2. However I feel that is unlikely
Once again the Fibbs tell the story with this one, perfect retracement and extension ratios!
I also gave some extrapolation targets for the main wave structure we are completing now. Remember Elliot Waves are Fractals so 5 waves up is 1 single impulse wave. Therefore we just finished Wave 1 of a larger degree wave structure and are in Wave 2.
Target for the bottom of Wave C is about 520 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/GAhb8UIz-Fibonacci-Magic-Pt-2-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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