Trying to label Elliott wave ii

in #elliottlast year (edited)

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The wave ii correction started a bit slow, but has been picking up steem lately.

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On Bitfinex, today, we printed a low of $8555; which is already in our Fibonacci target area, which means it could be over already.

Of course, there are other variations imaginable for this correction. For instance, like below:

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Not unimportant is the fact that the daily stochastics are totally oversold.

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Consequently, something of countermove, at least a correction, is to be expected.

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However, the MACD's are nowhere near diverging which suggest another move down after this correction upwards, within wave ii down.

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This leads me to prefer above variation.

EOD data, or in this case: end of 3 hour data, gives clearer Elliott patterns, making the count a bit easier.
Weekly and daily chart given below to clarify this statement.

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We'll see how it turns out. I've sold my put for a small profit and will just keep increasing my futures position by dollar cost averaging as I still see us in an uptrend until summer 2021. Whether we go down a bit more or not is of little consequence.

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Gute Analyse, bin gespannt wie es sich weiter entwickelt.

Ich aber auch

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