Well, it seems clear that we are all in doubt as to whether or not this Bull Market is over. Personally with respect to HIVE, the market has fulfilled my expectations for the moment and what I predicted in this post on October 6, has been fulfilled to perfection.
Summarizing what I explained there to make your life easier, in that post I calculated a potential target for the III wave of HIVE around $2.8.
I have to say that the use of EW rules and FIBONACCI levels are all you need to project these scenarios and although HIVE surpassed $3 for a few moments, I can say that the forecast reliability has been 100%.
If you have noticed, please take a second look at this post if you haven't, the target of $2.8 was only for Wave 3 (III).
Today, we are in the making of the corrective wave 4 (IV) according to my point of view, I repeat that I could be wrong but my bullish brain is reluctant to think like this (LoL).
Now, according to the literature on the subject for extended fifth waves in Elliot waves terms we have the following:
Wave-5 (V) should be at least 100% of the length of waves 1 + 3 or 161.8% of wave 3.
So, we have two super-bullish cases:
Case 1 for an extended fifth:
We trace the FIBO levels from the end of wave 3 (III) to the beginning of Wave 1 (I), and add it to the end of wave 4 (IV) which, in my opinion, should be around $ 1.33
100% of the length of waves 1 + 3 added at the end of wave 4 (IV) shows us a target for the HIVE price of $4.5
Case 2 for an extended fifth:
Now we measure the length of Wave 3 (III) and add it to the end of what we assume is Wave 4 (IV).
In this case, 161.8% objective of Wave 3 (III) shows us 6.5$
what case do we take?
It is always wise to be somewhat conservative even if we are bullish, given the market circumstances I think that today I would bet for 4.5$ more than the 6.5$ although, as I have already said, this is only the most bullish case possible...
Worth to say that both options would get invalidated if HIVE price crosses below 1$ in the near future...*
We will see what happens in the near future, I hope to hit the nail on the head again, if there is still a head.
Hive on!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.