Elliott Wave rules say that wave 3 is often the longest and never the shortest. With that in mind, wave 3 needs to exceed the length of wave 1. So let's set a minimum target based on this knowledge using a 1:1 fib extension.

[IMAGE: https://steemitimages.com/DQmVBww9Bpwm3AuKr1CxKM4WyHKAMzRosp5qsNQxw4drkCe/image.png]

You can see the minimum target around $15,244.

Based on 30 minute charts, there's a clear wave 1 and 2 formed after the completion of wave 2. So let's take a fib based on that information and see if our extension of those waves lines up with the newly formed minimum target of 15244.

[IMAGE: https://steemitimages.com/DQmQSsn6MRByckhsyGMjgcZtL6zT9xeLr1SqP7JU82hVt36/image.png]

We aren't even close!!

This tells me that these subwaves 1 and 2 are likely subwaves of a subwave of wave 3. Is that too much to follow? Let me make it worse for you.

[IMAGE: https://steemitimages.com/DQmPFyNP3b9TAEeJ9isSpwTXZHqxE99Vni8tELDhpLh5DmM/image.png]

[IMAGE: https://steemitimages.com/DQmSLcaXwXtfabEbmZzAh9QNEs1vKkLQSjH7j4ZrfdmFjrj/image.png]

With a final display something like this:
[IMAGE: https://steemitimages.com/DQmYbMrhnbd2HwMujsifaXFmRmTwVosBtBxUDYxNkB6oSKs/image.png]

Let's hear your thoughts. Personally, I believe we are in a wave 3 that could take weeks. This will create opportunities for swing trades as well as for alt trades. We have some hurdles to overcome, but I don't foresee a situation in which we don't overcome those hurdles at this time.

You can see the full chart on trading view at this link: https://www.tradingview.com/chart/BTCUSD/Q1HG21cd-Are-we-in-for-a-LONG-wave-3/