Theta in weekly chart
Hello everyone
Sometime I leave my wave counting technique and just focus on my Technical Knowledge, because you can not push all waves in Elliott and some of them are disclosed after finishing. Technical analysis always help me in this situations and this chart (I love Theta) is the best example. I know many of you are thinking that you can count them but I promise you it is not right way for this chart.
The first bullish rally that started at 0.036 USD seems to be a clear impulse but none of us know that if it was wave 1 or wave 5 of upper degree (compare its correlation with last rally of BTC). Its bearish market started at about 16 USD and it finished ( I wish) at around 0.5 USD after 917 days.
For now, what I see is a perfect textbook Flag but there is a fractional hesitation about it and that is TIME.
According to textbook, Technical Analysis by Edwards, these flags that prolonged for more than weeks are not reliable, but as you know we are learning many new surprises in Crypto market and I have decided to test this rule of FLAGS in this chart.
Let it take time and show us.
Thanks
Sometime I leave my wave counting technique and just focus on my Technical Knowledge, because you can not push all waves in Elliott and some of them are disclosed after finishing. Technical analysis always help me in this situations and this chart (I love Theta) is the best example. I know many of you are thinking that you can count them but I promise you it is not right way for this chart.
The first bullish rally that started at 0.036 USD seems to be a clear impulse but none of us know that if it was wave 1 or wave 5 of upper degree (compare its correlation with last rally of BTC). Its bearish market started at about 16 USD and it finished ( I wish) at around 0.5 USD after 917 days.
For now, what I see is a perfect textbook Flag but there is a fractional hesitation about it and that is TIME.
According to textbook, Technical Analysis by Edwards, these flags that prolonged for more than weeks are not reliable, but as you know we are learning many new surprises in Crypto market and I have decided to test this rule of FLAGS in this chart.
Let it take time and show us.
Thanks
AMA
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.