We zigzag it and we can kind of say: okay, it’s still not conclusive, but we have higher probability of the upside or we breach down on the lower side and invalidate the idea of any potential move to the upside under that five wave structure, meaning it is an irregular flat and we don’t have to worry about it, and so, unfortunately, we kind of find ourselves waiting twiddling our thumbs over the weekend, just kind of hoping that we can kind of finally get a way of confirming the direction of the market so that we can then start trading again because at the moment, if you’re trying to trade, these structures that to me is just gambling, because it doesn’t really give you any clear indication as to which way the micro movements are likely to go on a macro scale, I’m, pretty confident that we’re going to just slowly work.
Our way down, but it doesn’t really help us if we have to trade the market and we’re looking for good entries and exits when we have the ability to go in both directions- and we are just kind of waiting here for the confirmation of the direction.
So essentially yeah that’s kind of where that sits at the moment now from our stochastic rsi, our oscillator, we are high on the charts, so we would expect to see some kind of pull to the downside and, like I said you know, our expectations are going to be that we’ve finished the fifth wave structure off anyway, uh minimum being around that time, 22 602 level right. That would be kind of our minimum expectation. At this point, so we do know, there’s going to be a small move to the the downside here it’s just whether or not that plays into a bigger play on a larger scale.
Now, from a four hour chart point of view, we’ve got progression either direction. It really is uh in the middle here and we are basically oh we’re in the have the ability to kind of rally up. We’ve got momentum to the upside, but we also have the ability to rally down or drop down, as momentum can can shift from our eight hour chart plenty of room to the upside, which is fine, 12 hours, the same 16 hours, the same 20 hours, the same and the daily is just coming down, but can still go down a bit more.
This does actually align quite nicely with finishing a fifth wave structure, because either way we are looking for a rally upwards once we complete that fifth wave, and so that’s pretty much aligned to our thinking now. The reason that I think a trend is something that is still very, very possible with that, over extension is that the weekly is heavily overbought. So essentially you know we are looking at pulling down here that wouldn’t be unusual we’ve got the momentum to do so rallying up into a fourth wave um, but you know I think if we were to drop down into a slight over extension, it would allow us to rally up slightly higher um and obviously give us the ability to kind of then think about whether or not we are in a trend or not so I’m going to leave it there, there isn’t terribly too much more to say today. I think we just need to give it a little bit more time.
Let’s see how it kind of plays out, let’s see how the fifth wave goes and whether or not it turns into an over extension or not at the moment, it would look like it’s just a zigzag if it falls within the typical kind of moves. If it does overextend then trend to the downside at a larger scale and that could obviously have bigger ramifications for btc.