SP500. Is market "re-act" from FED or vice versa? 29/Dec/23SPX's chart/market is driven by Fundamentals ( FED) as most traders perceived. But I do agree with Robert Prechter and Alessio Rastani that market/ chart is driven by the "rotating cycle" of "supply/demand" rather than news/fundamentals even though I don't agree Robert Prechter with (Founder of Elliott Wave International) have been calling for major crash (which is severe than 1929) for many years
Alessiorastani
Alessio Rastani is not rightI highlighted two areas. which one do you think is a corrective pattern and which one is a motive pattern due to wave principle?
A wave that consumes time and has a lot of intersection with its other waves is a corrective wave
And a wave that consumes price more than time and has very least intersection with its own waves is probably a motive wave. It is obvious that bitcoin was in a corrective pattern in 2018 !
Regardless of this information when somebody like Alessio Rastani says that this move from 3k to 14k was (probably of course) a B wave, it is not enough, why ? Because he should prove that by counting its subwaves and determine the type of correction that he is talking about.
I decoded these kind of peoples methods.
How is that ?
I tell you right now
-They say something
-Then they try to convince people with very complicated reasoning
-Then people think that they can not understand what he is saying and they start to undergo to state of mind that i call it confusion
- after that they are ready to give money to Alessio Rastani
-then Rastani starts a webinar and introduce the newest way of trading using leading trader indicators
-and then he sells indicator for 1000 usd for poor people
I want Alessio to provide us a wave count and its reasoning behind it. My question is simple.
What is the type of this move from 3k to 14k in wave principle corrective patterns ?
-Zig-Zag
-Flat
-triangle
-combination (WXY or WXYXZ)
it is so simple. Can he answer that. He can but he does not because we should buy member videos !!
62% Fibonacci Retracement TrendAs you can see in the chart BTC has done a 62% retracement from each subsequent high and low including the high in december. This is done drawing from the high to where it dropped to as the bottom from which the next subsequent rally would start from. Each rally and fall has followed this pattern.
Credit to Allessio Rastani on youtube for showing this.
You can see his video here:
www.youtube.com
I will be doing another idea right after this showing an interesting twist on this pattern that could be an indicator of something in the future.
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Thanks,
Chris