Bitcoin Possible ABC Correction
Updated
Wave A is an impulse or leading diagonal
Wave B never goes beyond the start of wave A, Wave B usually retraces 38%-50% of wave A
Wave C is an impulse wave or ending diagonal. Wave C often equals Wave A.
fib 0.381 and 0.5 are important zones.
Wave B never goes beyond the start of wave A, Wave B usually retraces 38%-50% of wave A
Wave C is an impulse wave or ending diagonal. Wave C often equals Wave A.
fib 0.381 and 0.5 are important zones.
Note
possible retest and double bottom. if not we go straight to 8k
Note
Wave Degree Rule 1: Wave 2 cannot retrace more than 100% of Wave 1.
Rule 2: Wave 3 can never be the shortest of the three impulse waves.
Rule 3: Wave 4 can never overlap Wave 1.
if one of these rules break elliot wave is off the table.
Relation Between Fibonacci and Elliott Wave Theory
• Wave 2 is typically 50%, 61.8%, 76.4%, or 85.4% of wave 1
• Wave 3 is typically 161.8%, 200%, 261.8%, or 323.6% of
wave 1
• Wave 4 is typically 14.6%, 23.6%, or 38.2% of wave 3
• Wave 5 is typically 61.8%, 100%, or 123.6% of wave 1
• There are three different ways to measure wave 5. First, wave 5 is 61.8%, 100%, or 123.6% of wave 1. Second, wave 5 can be measured as 23.6%, 50%, or 61.8% external retracement of wave 4. Third, wave 5 is 61.8% of wave 1-3
length wave one = 5400 -11441=6041
length wave 3 = 8821 -17171 =8350
lengthe wave 5 =12730 -19891 =7161
Note
possible bearish pennant
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.