Bitcoin (BTC) Mid-Day Update: Combination of Patterns & Elliott Waves
Is it time to panic? NO! Is it time to run for the hills? NO! This is a healthy and normal correction! Should some profits be taken? Well, hell, in light of the vertical price moves in altcoins I had recommended...that seems very sensible. When should I take profits and when are good times to buy? Those are well detailed in my Free Tutorial Blog
The chart above is showing how the Elliott Wave Zig Zag (5,3,5) correction falls into place with the Head & Shoulders pattern. The subwaves of C is shown in green. Remember, that wave Cs always have five subwaves. Wave Bs always have three subwaves. These are detailed in my Free Tutorial on Corrections. The Zig Zag correction coincides pretty well with the Head & Shoulders minimum target of $11,479.
So, keep our heads cool. Take deep breadths. If you've made some mistakes already, always remember that a good trader is a bad trader who forgives himself for his mistakes, learns his lessons and tries again.
I wish you MASSIVE profits!
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**