🅱️ Elliot Wave 2023, The Correct Count & Wave 3, 4 & 5 Targets After a major correction is over, a new impulse move develops.
The next 5-up wave pattern is already taking place and we have the 1st and 2nd waves already in.
The third wave is usually the longest and this one has already started.
How the wave will look like is impossible to predict, it can be steep it, can be flat, it can be easy or hard to read... This varies wildly.
We can look for certain levels though where the probability is highest for a wave to end, we can use Elliots rules.
The peak of Wave 1 happened at $24,240, if we extract the 0.618 from this value and add it up to the peak price we get around $39,220 and that can be the top of Wave 3 .
Wave 4 is the hard part for me, I don't know if the correction will be long or short in duration.
Wave 2 lasted 37 days and this can be considered long based on the fact that it took 2 months to complete wave 1.
If we take into consideration the law of alternation then Wave 4 should be short in duration, specially since Wave 3 is also likely to happen fast as the first week is really strong.
So Wave 4 based on these calculations should go for 1-3 weeks and hit as low as $27,000, it can go lower and hit $25,000 but never below $23,000.
On a strong bullish bias the main target range is between $27,000 and $29,000 (Wave 4 correction target).
Wave 5 is the speculative wave and the last wave of the impulse before a correction in proportion with the previous move takes place, meaning a strong correction.
Now, I have several projections for Wave 5.
$54,000 $60,000 and $63,000.
Your guess is as good as mine.
I am taking in consideration all of Elliots rule, literally when making these projections.
These are just projections and are not meant to predict the future.
As the waves develop, we have to adjust our count to match what actually happens.
What this system can do is help us build a map to navigate these markets but it can't tell us what is happening next, that's not how it works.
This is my analysis based on Elliot Wave Theory, this is not the method that I use for trading nor chart reading in general but it is always a great addition to our toolkit.
Just as we look at the indicators, the candlesticks, renko, price action, chart patterns and fundamentals, this is a tool that should be combined with others to give it further strength.
If my target matches using multiple different systems, it becomes more relevant to me than in the case that it doesn't show up anywhere else.
My targets are more conservative on my Bitcoin long trade but this looks good as the financial markets are crashing and we tend to underestimate the markets when coming out of a bearish wave.
All comments are welcome, positive or negative, in favor or against.
Feel free to share, open yourself... All questions are welcomed, I'll do my best to give an honest reply to what you have to say.
Thank you for reading.
Welcome to the Spring.
Namaste.
