As said before, we are still on Wave 4 unfortunately. I just redrew the trend for today and expect the following price targets for Waves 4 and 5. Wish it is true or better.
1. As per The Guideline of Equality, when Wave 3 of an impulse wave is the extended wave, Wave 5 will approximately equal Wave 1 in price change. In BIT case, Wave 5 can run by 14.4 cents (16 - 1.6).
2. Fifth waves tend to be less dynamic and display slower speed of price change than the previous waves. It will usually be accompanied by lesser volume and breadth.
3. As per no overlap between Waves 1 and 4, we would not expect target price of Wave 4 to be less than or equal to 16 cents that is the high of Wave1.
4. The lowest Wave 4 can go could be circa 21.5 cents, the Fibocanni 0.618 of recent run, and would be above or close to the Support line as shown in the figure. Hence target of Wave 5 would be 36 cents(21.5 + 14.4).
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