Back on February 8th, the below chart of ArtByte (ABY/BTC) was posted with a projection that price is likely to put in a lower low. The chart analysis showed that a higher degree of trend had completed an abc (blue) correction followed by a clear and crisp five wave upward impulse. Elliott Waves states that a retracement always follows an impulse to complete the motive.
Closeup charting shows that a zigag (5,3,5) is more probable than the labels in the previous update. However, the destination still calls for a lower low to be likely. For the C wave, if subwaves 1,2,3,4 are complete, then wave 5 still remains. That level would be equivalant to a Fibonacci zone of 0.86. Now, just because you can label an abc zigzag doesn't mean that there is a guarantee of a trend reversal and that the bottom is assured. That's not how Technical Analysis works. If you judge the performance of Technical Analysis only in comparison to perfect, that's an unfair setup. Most non-believers likely had painful experiences of loss while trying TA and became judgemental against it...most unfortunate. This is why I also say that a good trader only becomes better by first forgiving himself for his mistakes, learning the lessons and trying again.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?