Hello.
Have been studying, learning and viewing the charts.
Hoping to share this idea as a current view of the market from a student.
Feeling that the run from $3000 to $13800 may have found exhaustion.
If we break above the 50 ema on the hourly chart around $11600 then I think it is possible
that we are finishing a triangle in sub wave 4 before the last impulse.
Personally I think we are in sub wave 2 and are going to correct over 50% during a WXY
Alternate estimate:

Have been studying, learning and viewing the charts.
Hoping to share this idea as a current view of the market from a student.
Feeling that the run from $3000 to $13800 may have found exhaustion.
If we break above the 50 ema on the hourly chart around $11600 then I think it is possible
that we are finishing a triangle in sub wave 4 before the last impulse.
Personally I think we are in sub wave 2 and are going to correct over 50% during a WXY
Alternate estimate:
Note
Still feels to me like we are finishing a flat but that the flat wouldnt have a target low enough to satisfy Elliott wave rules.I think we will form a double three with X starting at $9k and Y starting at
leading us down to $7250 which i find is a fib confluence zone.
Hitting the WXY 1:1 ratio and the 61.8% retracement
Note
Also made the Zig Zag a 5-3-5 as it should beNote
My timing & target was pretty closeThinking we play in a range for a few days. Possible triangle formation.
Looking for price to drop closer to $10k then eyeing
Note
To I thought $10k would hold so I jumped in early there
Held all the way down thinking $9500 would be my invalidation number
as 61.8% retracement fib level was there.
Added more from bank since I jumped in early.
Another lesson in why I need to wait for confirmation.
The X leg is tough to plan
Note
I was tired when I typed 61.8% instead of 78.6%Note
Someone is really messing with my emotions! Not sure
Still feeling we have to break upwards from here some
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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.