Using the inverted chart to plot a successful ABC correction since ATH.
This count fits fib perfectly (and so i like), although in a few cases the guideline of alternation doesn't apply.
In summary, we have a zig zag (5-3-5).
-A wave has a truncated 5th wave but that's ok. Fib fits perfectly.
-B wave retraces .5
-C wave has 5 wave structure. And using fib ext of wave 1-2 of wave C, we hit 2.618 right on the dot.
All in all, this is a valid and highly plausible zig zag corrective pattern. We can see in the blue line that wave A and C are in parallel, which is a good indicator when applying EWP.
*The count is invalidated once $3215 breaks
*The count expects a sharp reversal at $~3500, (.786 ret of the recent bullish swing)
*The count is highly preferred once high of $4384 is taken out. Giving a clear wave 3 breakout; we will expect long term uptrend in that scenario.
This count fits fib perfectly (and so i like), although in a few cases the guideline of alternation doesn't apply.
In summary, we have a zig zag (5-3-5).
-A wave has a truncated 5th wave but that's ok. Fib fits perfectly.
-B wave retraces .5
-C wave has 5 wave structure. And using fib ext of wave 1-2 of wave C, we hit 2.618 right on the dot.
All in all, this is a valid and highly plausible zig zag corrective pattern. We can see in the blue line that wave A and C are in parallel, which is a good indicator when applying EWP.
*The count is invalidated once $3215 breaks
*The count expects a sharp reversal at $~3500, (.786 ret of the recent bullish swing)
*The count is highly preferred once high of $4384 is taken out. Giving a clear wave 3 breakout; we will expect long term uptrend in that scenario.
Note
btc with its propensity to retrace .786
a potential 1-2-1-2- on the daily might be in play
Note
virtually no volume to confirm an impulse. care long.
Note
we just retraced to .786Note
We have our sharp reversal at .786 as anticipated.Now we wait for 4.3k to be taken out to further confirm our bias
Note
This post made me some cash - Me four months later
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Related publications
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.