Elliott Wave Theory UGH :|
Updated
I have read and analyzed about Elliott Wave Theory for the past couple of days. I came to the conclusion that a single mistake can cause invalid information. I noticed that people usually read through quickly and forget about the rules. This cause inaccuracy.
At the moment, it looks like we have already finished a correction (ABC pattern). This could probably be confirmed once we are over the green exclamation line. The reason is once the price crosses the line then a 12345 pattern from top can't happen according to the rules (End of wave 1 cannot overlapse wave 4). .
Other than Elliott Wave Theory, we also have bullish indicators e.g. cup and handle forming. RSI is closing overbought area but there is still some room up. MACD shows weak bullish upward because of low volume.
At the end, I expect us to have one small crash and one big crash at the end of the year (If we spot another parabolic price movement).
Waves can be confusing to count because of mislabeling so I am not saying that I am 100% correct. Please leave comment if you think you spotted any violation of the rules for applying Elliott Wave Theory.
Note: I did this chart mostly for education purpose and myself. P.S
At the moment, it looks like we have already finished a correction (ABC pattern). This could probably be confirmed once we are over the green exclamation line. The reason is once the price crosses the line then a 12345 pattern from top can't happen according to the rules (End of wave 1 cannot overlapse wave 4). .
Other than Elliott Wave Theory, we also have bullish indicators e.g. cup and handle forming. RSI is closing overbought area but there is still some room up. MACD shows weak bullish upward because of low volume.
At the end, I expect us to have one small crash and one big crash at the end of the year (If we spot another parabolic price movement).
Waves can be confusing to count because of mislabeling so I am not saying that I am 100% correct. Please leave comment if you think you spotted any violation of the rules for applying Elliott Wave Theory.
Note: I did this chart mostly for education purpose and myself. P.S
Trade closed manually
This does not go as I expected.
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