****Note: I'm not sure why the main graph is not showing all pertinent information...please look at photos attached below for better idea!****
It seems certain that an Elliott ABC correction completed for
BTCUSD; however I am not quite convinced a new impulsive wave have formed. Therefore, we are currently undergoing a "double three" correction.
It appears we have developed a 3 wave pattern (3-3-5) since completion of our ABC correction which may indicate this is an "X" wave of a larger WXY combination corrective wave in which "W" represents our initial ABC corrective wave, "X" represents our current position as a reactionary wave, and "Y" represents a continuation ABC correction that has yet to come.
1Day Chart:
It seems certain that an Elliott ABC correction completed for
BTCUSD; however I am not quite convinced a new impulsive wave have formed. Therefore, we are currently undergoing a "double three" correction.It appears we have developed a 3 wave pattern (3-3-5) since completion of our ABC correction which may indicate this is an "X" wave of a larger WXY combination corrective wave in which "W" represents our initial ABC corrective wave, "X" represents our current position as a reactionary wave, and "Y" represents a continuation ABC correction that has yet to come.
1Day Chart:
Trade active
(X) Reactionary Wave looks to have completed. Now we look to begin our continuation ABC pattern in the (Y) Wave. Final TP has not changed.Trade active
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.