ETCBTC. My attempt at Elliot Waves.
Updated
WARNING! I am extremely far from being an expert in Elliot Waves (ew) and all I know about it is really superficial and mostly from looking at what the pros do. Please do yourself a favour and don't follow this idea blindly, possible danger of getting rekt.
Now to the ew, thats how I see the waves playing out beginning from the previous cup and handle breakout. There are three basic hard rules concerning ew:
We got all these covered, and I lined them up in time cycles to get a feeling for when we hit the target for wave 5 (0.00411). Looking at previous wave lengths we will see price hitting the target in a bit more than two days.
Let me know what you think, if you see something ridiculously wrong please hit me up! Happy trading guys, and never forget: keep on learning and life will be good to you ;)
Now to the ew, thats how I see the waves playing out beginning from the previous cup and handle breakout. There are three basic hard rules concerning ew:
- 1. Wave 2 cannot retrace more than 100% of Wave 1.
- 2. Wave 3 can never be the shortest of the three impulse waves.
- 3. Wave 4 can never overlap Wave 1.
We got all these covered, and I lined them up in time cycles to get a feeling for when we hit the target for wave 5 (0.00411). Looking at previous wave lengths we will see price hitting the target in a bit more than two days.
Let me know what you think, if you see something ridiculously wrong please hit me up! Happy trading guys, and never forget: keep on learning and life will be good to you ;)
Trade active
My indicators tell me that we are going to lift off soon! 4h RSI bouncing off of the trend line and we see the red line crossing an uptrend green line, which indicates an up move. Note
I was referring to the Godmode indicator in the second part of the comment above ;)Note
Now that I got some feedback, here's the revised chart. Especially thanks to the guy who told me to make him a sandwich. Constructive criticism at its best :D Without further ado, here's the new chart. I do have a bit of a problem now to find a good tp for wave 5. The one on my chart is rather conservative and is basically wave 1 added to wave 4's bottom, which coincidentally aligning up nicely with the 0.5 fib extension level. We might hit that resistance level above the charted fib target, but no promises. Take the profits early and don't try to ride it 'til the bitter end. Play safe! Trade closed: stop reached
I got stopped out with a tiny profit. Was worth a try!Note
Be really careful right now, that could be a bull trap and we could see some massive retracement. We went up quite a lot in short time, dangerous grounds right now! Have tight stops in place.Note
Danger, potential Doji forming in 4h tf and Godmode starts signalling downward action (check out the yellow dot popping up). For those that are not familiar with the Godmode indicator: whenever the redline approaches a descending green line, a down move is likely. And vice versa, i.e. red approaches ascending green line indicates upwards move. Note
Above screenshot was too early, here you can see the potential Doji candle. 
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