Wave A, B, and C
Wave A: Corrections are typically harder to identify than impulse moves. In wave A of a bear market, the fundamental news is usually still positive. Most analysts see the drop as a correction in a still-active bull market. Some technical indicators that accompany wave A include increased , rising implied in the options markets and possibly a turn higher in open interest in related markets
Wave B: Prices reverse higher, which many see as a resumption of the now long-gone bull market. Those familiar with classical may see the peak as the right shoulder of a reversal pattern. The during wave B should be lower than in wave A. By this point, fundamentals are probably no longer improving, but they most likely have not yet turned negative
Wave C: Prices move impulsively lower in five waves. picks up, and by the third leg of wave C, almost everyone realizes that a bear market is firmly entrenched. Wave C is typically at least as large as wave A and often extends to 1.618 times wave A or beyond
You can see on the chart i have here that there was a spike in during wave 3 of wave A and then there has been declining during the rise of wave B, which matches perfectly with what this passage describes as an ABC correction. During wave 3 of Wave C is when people will realize we are in a bear market and we should get a spike in then.
Well that is my complete analysis on bitcoin at the moment, i hope you guys enjoyed it.
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