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RE: BITCOIN (BTC) Update: Elliott Waves labeled
I would count it differently. Still white wave (iv) in my opinion, with an overshooting wave at alltimehigh
I would count it differently. Still white wave (iv) in my opinion, with an overshooting wave at alltimehigh
Yes, there are 36 possible corrective counts. On waves 2 and 4, it's almost impossible to get it exact. The exactness isn't important. What is important is that the bottom of Wave IV isn't even close and the correction just started.
I see now. Yeah, it's possible. But as Prechter often says, possible isn't same as probable. But then again, he has "prechterized" so many subscribers money to dust! Made some awful calls!
Also, as we know, EW is an art, and probable is in the eye of the beholder.
I believe BTC correction has started and III is in. In my earlier blogs over the weekend, I too thought there was one more push left in BTC to newer highs.
Yes it really is an art, and we will probably see by the end of tomorrow. If BTC is not 300$ higher then, I am wrong about this anyway.
I've been posting that wave fives as profit taking waves. So, even if it has one more possible push, it would be to sell into it. Also, daily MACD is in free fall.
I go by the old Wall Street saying: Better to be out of the market wishing to be in it than in the market wishing to be out of it.
Good discussing with a fellow EW tech
This might help also my reasoning:
https://steemit.com/bitcoin/@haejin/my-response-to-jamesbrown-an-ew-counter-s-response-to-seasoned-chartist-s-blog
you missunderstood me. I dont mean wave IV. I mean wave (iv) of III being over soon (running flat), pushing it to new ATH soon.
I think I now understand. I labeled wave (iv) of III as an expanded flat (square in chart). It fit well in form. These are not common in stocks but heck, I'm finding it in coins. Also, tons of extended 5s!
So you're expecting a direct down without further (b) bounce
No, I'm expecting new alltimehigh this week. Wave 5 of white III next