MicroStrategy has been the leading indicator for Bitcoin for quite sometime now; as well as TOTAL.
It ran into some resistance at the 0.618 window on the 4th wave up.
In terms of Elliot Wave, typically there are 5 connective waves inside each wave of a 3 wave correction. This is not always the case but sometimes it can provide potential clues.
If I am reading the waves correctly; then MSTR may be forming the 5th wave down. And quite often the 5th wave is a doozie.
If this TA plays out and MSTR finds support at the 1:618 pocket; then this could be the completion of a 1:1.618 3 wave correction on a larger time frame.
-Not Financial Advice-
It ran into some resistance at the 0.618 window on the 4th wave up.
In terms of Elliot Wave, typically there are 5 connective waves inside each wave of a 3 wave correction. This is not always the case but sometimes it can provide potential clues.
If I am reading the waves correctly; then MSTR may be forming the 5th wave down. And quite often the 5th wave is a doozie.
If this TA plays out and MSTR finds support at the 1:618 pocket; then this could be the completion of a 1:1.618 3 wave correction on a larger time frame.
-Not Financial Advice-
Note
When I made this post, the 5 minor wave structure to the downside was already complete, and wave X of a possible WXY correction was in the process of formation. It's interesting how missing the smallest detail can throw your TA off by a long shot.So now we have printed another 5 minor wave structure to the upside and it is starting to slump. This area has a high potential to be the top of wave X with wave Y down in the making.
I originally anticipated a retracement to HTF 1:1.618 / LTF 1:1. This could still very well play out if price breaks support of wave W structure.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.