O - I have nO idea what this is

Updated

Alright folks, this is not crypto related. Bitcoin is quite boring lately and i though of giving the stock market a shot.

EWT theory is a great tool. Its NOT a crystal ball, but it helps on finding potential paths for the next move. Combine it with fibs and you are half way there. You should always adjust your view as new data comes in and never tunnel vision on only one path.

I will leave this here and check it once/twice a week. If you have any questions, dont be shy! This chart looks like a good example on the weekly.

There is also a chance that the correction is done with an alternate count.

VPVR looks kinda different since TV likes to re adjust my chart everytime i post, maybe i should try "lock all drawings next time" ...

This is for educational purposes only!

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5 waves down (almost?) complete. If our count is correct, we expect to see some upwards movement next week.

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Also, the bounces with the most green candles happened on key fib retracements so far.

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I'm pretty certain that this is a short term bounce.

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It should be volume convergence* between 3rd and 5th. This doesnt happen 100% of the time, but most of the time in small trend reversals while we have normal ratios for 3rd and 5th.

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So far so good. We expect one more little push here with a potential double top or slightly higher.

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Its the 30 mins RSI not the hourly, woops.

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O hit the target for the proposed 4th wave. But this can be an irregular ABC for the B wave. EIther way, there are lots of signs for a retracement at those levels.

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Incase this is an irregular ABC for the B wave or a 335 4th before the last wave down ( thats what i think), here are some potential bounce areas.

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It seems like an extention on the first wave so i guess 1.236 maybe the top here.

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And since this is an educational post, as you can see, in trading it doesnt matter if you are right or wrong. You can be wrong many times and lose 1-3% on every trade according to your trading plan.

But even one time of being right is more than enough to get you back to green if not higher. Almost every move went according to the labeling above.

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The general idea can be wrong though, so dont go YOLO. As mentioned on the original post, with an alternate count the correction is over and it can be impulsive, but it should still see some pullback soon, imo.

Acel

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