So I have re-assessed my Elliott Wave Counts: one bright blue (bearish), and one bright green (bullish).
The bright blue bearish pattern is only possible if it is a sidways ABC pattern, which means that each subwave has 3 subwaves. Therefore expect subwave C to go down in 3 waves, not 5.
Similarly the bright green ABC pattern is a sideways ABC, which allows each of the subwaves to contain only 3 subwaves, which allows the pattern to work.
The problem is that there are 2 possible H&S patterns right now. The one where the shoulders are at $8236, and the inverse H&S where the head is at $7821. So the price could go either way.
My opinion is that the overall market is very bullish right now, but the btc traders are very bearish which would lead to an interesting battle.
As I'm typing I just saw the price go below $8120 which invalidates my green SubWave 3 mini-subwave count, so I'm expecting it to go down now. I will redraw the green SubWave 3 mini-subwaves to see if it can be salvaged, or are we for sure going on the blue path now.
The bright blue bearish pattern is only possible if it is a sidways ABC pattern, which means that each subwave has 3 subwaves. Therefore expect subwave C to go down in 3 waves, not 5.
Similarly the bright green ABC pattern is a sideways ABC, which allows each of the subwaves to contain only 3 subwaves, which allows the pattern to work.
The problem is that there are 2 possible H&S patterns right now. The one where the shoulders are at $8236, and the inverse H&S where the head is at $7821. So the price could go either way.
My opinion is that the overall market is very bullish right now, but the btc traders are very bearish which would lead to an interesting battle.
As I'm typing I just saw the price go below $8120 which invalidates my green SubWave 3 mini-subwave count, so I'm expecting it to go down now. I will redraw the green SubWave 3 mini-subwaves to see if it can be salvaged, or are we for sure going on the blue path now.
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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.