BTC Update using Elliot Wave = KNOW THE PROBABILITIES !!

As an update to my primary EW count, BTC seems to have completed a brief Wave 2 as shown in the updated Bitfinex chart from yesterday:

I had surmised that it's more probable for wave 2 to complete at around $2,600 given how oversold BTC had been and the vigor it had risen recently. Thus far, the bottom three rungs on my laddered buy orders have not been triggered and that's ok because this laddering method aims not to have all the rungs filled but to remove the emotion and the need to precisely identify the bottom.

But there is another possibility and that's an expanded flat for Wave 2 as shown:

This is when the B correction wave exceeds the previous peak and perhaps exceed $2,993 and the C wave exceeds the lows of the A wave. As result, I will keep my lower ladder rungs as preset buy orders and wait for possible executions. From a time duration perspective, C waves are often quite rapid so if an expanded wave 2 correction occurs, it should complete by Monday PM or Tuesday PM.

One other possibility is as shown:

This count is my secondary count...it fits well in form and time but more importantly wave 2 and wave 4 alternate very nicely. The rule of alternation in EW states that if wave 2 is complex (in this chart, expanded); wave 4 will be more simple (in this chart a simple ABC). Plus, the much heavier volume on wave 3 gives further evidence that this might become my primary count (green circle on volume). The top of wave 5 could reach close to $3,400 and still maintain that wave 3 is not the shortest (another of EW rules). I'm keeping my eyes on this by EW counting on shorter time frames; e.g. if we go impulsive from here to about $3,400; then I will setup a laddered sell orders as a Wave 2 correction will ensue to about $2,600. And, yes, once wave 2 nears completion, I will ladder in again with probably 5-7 rungs.

I usually sell 30% of my holding via laddered profit taking. I then implement 75% of the profit back into laddered buys. The remaining cash I keep as additional dry powder. This method works because you always have dry powder to use on instances of flash crash type prices and this I apply by setting up a very low buy order; e.g. a very low price at a very low support and keep these in place. It's been amazing how these get triggered every now and then.

Regardless, BTC is in the early stages of a significant uptrend and thus far no signs of the resumption of downtrend from last week.

Last but not least, the fact that Central Bankers are not (can not!) manipulating like they do the equity markets, the accuracy and precision of EW counts and predictions have become more natural. The fact that the Plunge Protection Team (PPT) actively go in the market and buy index call options with an unlimited credit card has made equity EW practice very difficult. But, not so in cryptos!

Lots of time and effort are put into composing these blog posts. If this blog post has entertained or helped you to profit, please follow, vote and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36

Legal Mumbo Jumbo: This is only my opinion, make of it what you wish.