EW Wave Recount gives me the end of Wave 2 ---now to $9000
Updated
I've been quiet here the last week or two trying to get a clear idea of where my Elliott Wave counts were off. Since I'm still new, I took to the sidelines to learn and observe. So what I am seeing is that we are on a wave 2 correction of the Bull Market Impulse waves that is hovering right around the 61.8% retrace level of the last high at 8628. I expect the red support box to hold up and start a rally up to 9,000 over the next week. Since breaking out of the downtrend channel from the All Time High, many have insisted that we are in a bear market. All I see is perfect Elliott Waves with perfect Fib extensions and retracements. Still, my counts could be off, and instead we could be in a Wave 3 of a Bear Impulse downward. But I couldn't get that to work based on the rules of Elliott Waves. It is still hard to tell if we are in the beginning of an upward impulse, or just in a sideways Elliott correction triangle...we shall have to wait and see.
Either way, something is about to pop soon!
Either way, something is about to pop soon!
Note
Here's a closeup view of the 30 minute chart. BTC is really struggling to get out of the downtrend channel of this 2nd wave, as the bears keep sucking it back down. But I noticed this Inverse Head and Shoulders form, giving confirmation to my idea that something is about to pop soon! Right now, though I'd give it a 50-50 chance of going either way. I can't tell. The Inverse H&S could indicate an impending bull rally, but the crypto space has defied this norm many times in the past. And the top of the downtrend channel keeps resisting any breakthroughs. What do you all think?Note
Forgot to mention the two long downward facing candle wicks on the last two candles are another positive indication that we are about to get a bump up. The bears have tried to drag it down here, but the bulls will not allow it. Is this enough to trigger a breakout?Note
And there it is! Now we must go down lower to 8000. If we go below that, the EW Impulse wave count will be invalidated.Note
Well we blew right through the 8000 level and down through 7800. Obviously wave 2 didn't end at the 61.8% retrace, but only showed a sizeable bounce. Now we are looking at the 78.6% retrace level at 7400. We also have major support at 7250, so the red box at that level provides another great opportunity for a bounce and an end to wave 2. My subwaves were invalidated once it got below 8000, and we will have to see where this breakdown ends to get a fresh count.Note
Here's my new idea link:
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