LINK/USD
Updated
Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
The chart is on the weekly timeframe.
From the data that I see on here, I think the bottom is in. We will be ranging between the two green lines as I believe that is the accumulation zone.
If we break below the bottom green line, I will find a new chart. As you can see, the data given to me here is only from 2017 so the count could be incorrect.
We are already at the bottom of the green line. I do not think we will go lower.
RR: 22.2
Stop loss placed under a 53% drop @3.5
The chart is on the weekly timeframe.
From the data that I see on here, I think the bottom is in. We will be ranging between the two green lines as I believe that is the accumulation zone.
If we break below the bottom green line, I will find a new chart. As you can see, the data given to me here is only from 2017 so the count could be incorrect.
We are already at the bottom of the green line. I do not think we will go lower.
RR: 22.2
Stop loss placed under a 53% drop @3.5
Trade active
So we've already gotten a 90% drop from the ATH, still have a possibility of a 50% drop still. If we get a 50% drop we will start the next impulse wave from the green wave. If not we should be starting from this pink wave.
Pink wave shows a more slow and gradual move up and the green wave shows a faster impulse. The harder we fall, the quicker we rebound and vice versa.
Note
I said green for the above chart but forgot to change the color. it's skyblue.On the chart below it's
zoomed in and timeframe changed to 4h.
If we are starting from the pink wave, an impulse trend would look something like this. We need to break into the blue lines to confirm this trend.
A rejection there might bring is down to where the sky blue wave count starts from.
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