Bitcoin Weekly EW Complex Correction & Volume Analysis
Updated
Here we have a very basic/beginners wave count.
We have the impulsive (1,2,3,4,5) and corrective (A, B, C) waves mapped since January 2015.
Based on EW guidelines, the 3rd wave of an impulse has the highest volume.
Corrective waves tend to have low/decreasing volume.
Knowing this, we can easily figure out that we are in a corrective wave after Wave 5 ended of the last impulse.
This is a complex correction, where Wave B makes a new high compared to Wave 5 but wave C of the corrective move ends in a lower low compared to Wave A.
Here we are just looking at the volume, there are many more signals of course.
The market needs a flush-out before it turns.
Namaste.
We have the impulsive (1,2,3,4,5) and corrective (A, B, C) waves mapped since January 2015.
Based on EW guidelines, the 3rd wave of an impulse has the highest volume.
Corrective waves tend to have low/decreasing volume.
Knowing this, we can easily figure out that we are in a corrective wave after Wave 5 ended of the last impulse.
This is a complex correction, where Wave B makes a new high compared to Wave 5 but wave C of the corrective move ends in a lower low compared to Wave A.
Here we are just looking at the volume, there are many more signals of course.
The market needs a flush-out before it turns.
Namaste.
Note
Here is an updated view of the Flat correction (3-3-5).I have an explanation also as to why we hit a higher high in Nov. '21 vs April.
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