UPDATE: Bitcoin Bears Flexin' Their True Strength (Elliott Wave)
For ease of viewing I am going to include the other possible valid count below. However, currently I am favoring the above count. The reasons why will be listed below. Note that both of these counts are overwhelmingly bearish on a higher timeframe. Any bullishness is going to be quickly and violently stomped out. Being long at this point is very risky, and being long below the red dotted line is financial suicide.
Now for the important question: Why do I think this is the most valid count?
Note that a break under the red dotted line is a strong sell signal and a break above the green dotted line is a short-term buy signal.
Since the upcoming wave is Wave E the best strategy here is to be getting short the closer we move towards the top trendline, or alternatively, immediately after the trend begins turning to the downside and/or we breakout out of the bottom of the triangle. So long as we don't break above Wave C being short here is a great position. If we do break Wave C fall back to my Long chart (targets 231/240) which will form a very nice bearish harmonic pattern before we finally take the plunge to new lows.
"The Master's power is like this.
He lets all things come and go
effortlessly, without desire.
He never expects results;
thus he is never disappointed.
He is never disappointed;
thus his spirit never grows old." -Lao Tzu
Good Luck Traders! :)
Now for the important question: Why do I think this is the most valid count?
- Wave (1) is likely a leading diagonal
- Wave iv fits into the proper time targets (unlike previous counts)
- Wave A is a three
- Wave B isn't clearly a five or a three, however, it is most likely a three.
- Wave C is a three, I had originally expected it to be much larger and form a harmonic at 231/240, however this is unlikely due to the subdivisions of Wave C and the structure of Wave D
- Wave D appears to be a three, and also stopped at this trend-line very nicely.
Note that a break under the red dotted line is a strong sell signal and a break above the green dotted line is a short-term buy signal.
Since the upcoming wave is Wave E the best strategy here is to be getting short the closer we move towards the top trendline, or alternatively, immediately after the trend begins turning to the downside and/or we breakout out of the bottom of the triangle. So long as we don't break above Wave C being short here is a great position. If we do break Wave C fall back to my Long chart (targets 231/240) which will form a very nice bearish harmonic pattern before we finally take the plunge to new lows.
"The Master's power is like this.
He lets all things come and go
effortlessly, without desire.
He never expects results;
thus he is never disappointed.
He is never disappointed;
thus his spirit never grows old." -Lao Tzu
Good Luck Traders! :)
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