A different perspective on the wave count then what most other traders here think.
I could not understand the last wave structure up from 6000 level. Even the fibs didn't match so well.
So here I am proposing a different perspective on the wave count.
The correction is viewed as ending in a triangle with a truncated E.
The real impulse began after the E.
This also matches better fib levels for the impulse and correction in my opinion.
And in the end, this is just a theory... :)
I could not understand the last wave structure up from 6000 level. Even the fibs didn't match so well.
So here I am proposing a different perspective on the wave count.
The correction is viewed as ending in a triangle with a truncated E.
The real impulse began after the E.
This also matches better fib levels for the impulse and correction in my opinion.
And in the end, this is just a theory... :)
Note
Only thing I don't like about this theory and others that suggest we are already in reversal, is the timeframe. It feels like a too short timeframe for a major correction. So it rather feels like we are in B, and after touching the channel line, we might just go down for C...so let's see what happens now.Note
Another hint is Ethereum. It's not following BTC's move up the same way...So that might just further strength the case for major B or the channel case.
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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.