BTC - EW Analysis - Count IF BullSup folks,
Debates have been rampant about the start of the entire swing low to swing high move recently, since a few exchanges had a lower low at the start of my wave I chose to use this as a starting point.
I labeled the EW patterns for clarity sake and left the fibs in.
Timeframe wise this would have to be a 12345 with us finishing A currently and then going for a bounce to make B.
This would establish eventually our 2 of the bigger timeframe Impulse move.
The channel of the first impulse wave is there - market structure wise we would have to extend our correction for quite some time though as marked below with the approximate bar count!
Fib wise you can either see this as a 12345 impulse move to 8,7 or you can see it as a super extended ABC with C being 2.618 extended. (Happens but is very rare - so it is possible).
Problems with this count:
- the corrective A pattern is a bit too impulsive and steep
- wave 5 up is a bit messy in relation to 1 and doesnt quite hit 1to1 extension.
Trading setup would be entering around support to play the bounce OR safer: wait for ABC to correct end enter on ending C or joining with the impulsive Wave 3 rally (confirmation)
Cheers.
