Bitcoin Diagonal 5th Wave Still in Progress - New Count

The move last week below the June/2021 low has changed the wave count for Bitcoin. I am still counting it as an ending diagonal as shown in prior posts, but it is now a larger diagonal formation. The move down from the Nov/2021 high is wave 2 of the larger diagonal. With this count, there could still be another move down below the May 12th low but it is not a requirement. 

Bi-monthly chart of Bitcoin showing updated count (orange labeling). Original diagonal 5th wave count is shown with purple labeling (updated in 2/6/22 post & originally given in this blog's Aug/2021 post). Long term count from 2010 is shown with blue labeling (long term count was originally given on this blog in January of 2021) . Click to enlarge.

LUV Wave Five

The bimonthly chart of Southwest Airlines (LUV) is showing a five wave impulse since 2009. Wave four bottomed in 2020 and wave 3 of wave five is currently in force most likely. The least bullish wave five possibility would be a contracting diagonal which is shown in the blue labeling in the chart below as would be seen if a standard contracting diagonal plays out with minimal length waves 3 and 5 (circled blue labeling). An impulse or expanding diagonal would be the more bullish possibilities and could go a lot higher.

Bimonthly chart of LUV. Blue labeling shows the
 contracting diagonal possibility for wave five.

Silica Holdings Wave 5

Silica Holdings(SLCA) wave count is indicating that wave 5 on the weekly chart is now in progress. There is a trendline in the 35-40 area that is a good target price. 

Weekly chart of SLCA. Blue labeling shows wave count & wave 5 price target area.

Bullish Counts on the DBC Commodities ETF

There are multiple ways for bullish counts on the DBC commodities ETF bi-weekly chart. One of these would place the wave 2 low at last November's low with wave 3 now in progress. 

The least bullish count is shown below with wave 1 topping on March 8th. Wave 2 would probably bottom later in 2022 perhaps at wave 4 of one lower degree shown by the aqua horizontal line. Wave 3 would then go to significantly higher levels from that low.

Bi-weekly chart of DBC commodities ETF (symbol DBC)

Centerra Gold is in a long term wave 3

Centerra Gold (CGAU) is in a long-term wave 3 as I see it. A seven year wave 1 ended in 2020 followed by a 13 month wave 2. If wave 3 is as long as wave 1, wave 3 would reach 35.68. Wave 3 is usually longer then wave 1 but it can be shorter. See chart below.

 

Bi-monthly chart of Centerra Gold showing long term counts.

Bitcoin 5th Wave Now in Progress

I am counting wave 4 as completed on Bitcoin at the January low. That leaves the 5th and final wave of the diagonal 5th wave before a potentially long and/or deep bear market. It would complete the wave count from the 2010 low. The orange labeling on the chart below shows the ending diagonal 5th wave count. The blue labeling is the count from the 2010 low.

Notice 3/30/22: The ending diagonal count (orange labeling) was originally given 6 months ago on this blog on the 8/5/21 post. The long-term count (blue labeling) was originally given 13 months ago in January of 2021.

The aforementioned analysis and counts were original research by this blogs author.

Any mention or use of these blog posts contents should give attribution to this blog.  

(Please note that the original posted chart was accidently deleted on 5/14/22. This original 5th wave count can be seen on the latest Bitcoin post of 5/14/22 where it is shown with purple labeling.)