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SUMMARY
Bitcoin (BTC) overnight price action could have completed five waves (blue) and I've labeled the subwaves of the blue wave 5. So, if this is correct, a minor correction could be on next.
If so, perhaps a small expanded flat could look like below. This chart shows waves a and b as being complete and c has started. The completion of wave c is expected to trace out five waves down (red subwaves of c). Equipped with this awareness, would one panic sell should this occur? Not as likely as one who is uninformed, unaware or purely trading with instincts.
The below chart shows an alternate where wave 5 is not yet complete and so a bit more higher to go before the minor correction. It matters not which way, as the destination is the same.
Here is the BitFinex price feed chart. It had always bothered me a bit on how quick the correction was. The below outlines that perhaps the correction is not complete. We will know if this is the preferred direction if price gets repelled hard by the upper white line of the channel. Would I panic sell on this scenario? NO! Being aware that this is a c wave of an abc means I'd be thinking more about how to ladder a bit more in at the terminal end of the c wave. This thinking is very different from a panic...it is more confident, calm, disciplined and aware.
Check out the video. It contains a couple take home lessons you might find valuable!
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
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Tutorial on the use of Fibonacci & Elliott Waves
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Thanks and all looks good to me!
it seems to me the price will now draw us a double top. Then it will be corrected to a mark in 10000 $
Prices of two tops need to be about equal for double top
I agree with you, but bitcoin broke all the technical analysis with his schedule) does what he wants
@Haejin, I have an idea about your updates...If you could just quickly include LTC and ETH in every update, I feel we could get a better idea of the market as a whole...what do you think? Of course, I am so grateful for your posts regardless. MAAAASSIVE PROPHETS TO YOU!!!
If you can make my day have 39 hours, yes. :-)
The more I understand about these blog posts, the more I find myself wanting the prices to stay down another month or so.
Well done! Expanded a,b,c overall.
Hey Solisrex:) do you use trading view? If so, could you tell me how to send a screenshot like yours instead of a link?
Haejin, I found this on the internet and was wondering if this is true.
AKA the cup and saucer; I think William O'neall from IBD wrote a whole book about it. @pawsdog
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To receive an BiggerUpvote send 0.5 SBD to @minnowpond with your posts url as the memo To receive an BiggerUpvote and a reSteem send 1.25SBD to @minnowpond with your posts url as the memo To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memoWhat's you count for XVC? Thanks
Can you please update xvc and vtc?
Excellent :) 2 thumbs up!
I had gotten out of BTC at $10500 before the fall and could not bring myself to get back in again these last two days... sixth sense I guess, "fuck them, JoJo - wait and watch a couple of days." So I'm not in the need to go "omm" right now ;) Also, watch what is happening (or not) at Kraken.
:-)
Can you also look at the Bittrex chart? It is different from both of these. Thank you so much for what you do!
Same destination.
@heajin, and others:) My first shot trying to label a correction. Would you let me know what your thoughts are? Also, how do you just put the picture up? Ive only figured out how to send the link off of Trading View. Thank you in advance!
https://www.tradingview.com/x/pFOAMa4S/
Invaluable lesson on the combination of chart patterns and EW counts, thanks @haejin!
Thank you!