Bitcoin Correction - The Elliott Wave theory for why it is overI’ve been wondering why there are so many chartists willing to bet that BTC is about to correct back down to $30k or lower, but now understand that this belief is routed in a misinterpretation of the Elliott Wave structure of the recent Bitcoin correction. Let me explain...
An incorrect ABC wave count of the Bitcoin correction might look like the following chart, where A was the June low and B the recent high, projecting wave C to fall below B.
However, this is a misunderstanding of the structure of the correction down to the bottom of the June low. A correct interpretation would instead view the origin of wave A starting on March 13, as below.
This is an Irregular Expanded Flat corrective structure in Elliott Wave theory. It has the form of a 3-3-5 sub-wave pattern, and is identified as irregular because the peak of the B-wave rises above the origin of the A-wave.
The total structure, including sub-wave counts and with a Fibonacci projection of Wave A from B forecasting the bottom, is shown in the chart at the top.
For the doubters, there are three proofs to this proposition:
The wave pattern from A to B is an ABC wave pattern in three phases. If not part of a corrective movement as proposed, this would otherwise be required to be an impulsive structure of 5 waves.
The movement down from B to C is a 5 wave impulse, necessary to complete the Elliott Wave Flat correction.
If the movement to the June 22 low from the $65K high was Wave A of a correction, it would be in a 3 wave movement rather than the 5 wave movement observed.
Therefore, the only structure that fits the price action is an Irregular Expanded Flat Elliott Wave correction, which completed on June 22, 2021.
If you disagree, please feel free to explain yourself in the comments.
Elliotwavecount
Bitcoin before tuesday DumpUnless it continues to go sideways and ends in a contracting or barrier triangle, i think we continue down one last time, unsure bout my previous drop to 20k, but not out of range of possibility
This count here, is also valid as it refused to drop below top of w1 on this exchange at least. so maybe a miscount and we go up?
EURNZD ZIGZAG 3 Wave internal structure, Joint together to form a larger degree wave. With a possibility of a 5 wave to the upside. The 5 wave structure to the upside is categorically dismissed the internal structure of of the said wave when its a 3 wave and not a 5 Wave hence, giving a new structural to EURNZD.
Currently biased towards a (3-3-3-3-3) Wave market structure.
$NVDA Elliot Wave Analysis$NVDA Elliott Wave Analysis
Nvidia broke out to ATHs and I was able to profit off the move thanks to Elliott Waves! Elliott Waves are a great form of technical analysis to identify when the price is beginning an uptrend (Impulsive), as well as when finishing a corrective phase.
Update more detail added for BITCOINs next big reversal downSo just adding some additional price areas to my chart.I have also provided the RSI indicatorto show the major hidden bearish divergence, along with the regular bearish divergence. These are both yet to play out and paint a picture of a solid move-reversal down to the areas i have charted here, trade safe and have a plan. Love to hear anyones thoughts, cheers $urfbeach73
the final count down to BTC bottomHello to all, been tinkering with this idea for a bit now to how it might play out. Looking to top out on the rising channel at 51850 ish where it intersects with purple line (expanding wedge) get rejection, break down out of rising channel with measured move to 3937i ish, bounce up to resistance line at 43968 ish, create the right shoulder, then down to the bottom expanding wedge line at 32175 ish, once we break bottom of expanding wedge, we have a measured move down to 9326 ish, or just complete the ABC correction at 13478 ish, obviously NFA just a thought how might play out and areas to watch. Happy on feed back, obviously where we finish on certain moves will decide where we end up this is just a basic map of how we may get there, cheers
Matty Surfbeach73
Future of BitcoinElliot waves notes
.618 of entire structure lands about 22-25k
if current red C begins from 41,500, and if the purple subwave c is the same size as the a , started at the end of b , a 1:1 fib ratio would land it about 22,400
Perhaps yellow 5 gets truncated at old ath, but unlikely due to visible strength in the psychology of crypto markets, measurements based on the whole structure, yellow 1 and 3 would land BTC up near 92k,95k maybe with a throw-over
The wave principle is very visible in crypto markets because the market never closes and value largely rides on speculation of future adoption, news only picks up if we are approaching the end of a wave, or full cycle (sell the news, buy the rumor)
rumor is we're going to 8,16,19,23,28k
there is no real news
#BTCUSD 68% Short Top Probability Possible #WaveACompleting the forecast made on June 9th, my #algorithm keeps showing me a way down to the #Target Shell of 26,800.00.The current High zone of 36,800.00 has a #68 % Top Probability Box(medium strength), that could be the beginning of a new #wave A (5 legs-zigzag).
Let´s see what happens.
EURUSD 28/06/2021 Complete The Retracement Phase And Then FallHere is my continuation analysis of EURUSD. Last week as we can see EURUSD rising from the 1.1850 area until 1.1975 area. For the next week, I believe there is still some room left to the upside for EURUSD to reach and complete the retracement phase around the 1.1980 - 1.2005 area before going down again targeting the 1.1735-1.1755 area.
Disclaimer: This is my personal trading setup !! Please use this only for comparison with your own analysis.
Share your thoughts or ideas in the comment section below and give support by giving like thumbs and sharing with your friends.
Cheers.
Gold (XAUUSD) 28/06/2021 Move To The Upside Before FallingHere is my continuation analysis of Gold (XAUUSD). Last week we saw that Gold (XAUUSD) was moving sideways with a range of 1761 - 1790 area. For the next week, I believe Gold (XAUUSD) in the beginning will go to the upside to complete the retracement phase before falling again to the downside.
Disclaimer: This is my personal trading setup !! Please use this only for comparison with your own analysis.
Share your thoughts or ideas in the comment section below and give support by giving like thumbs and sharing with your friends.
Cheers.
GBPUSD 28/06/2021 Going Upside a Bit And Then Fall AgainHere is my continuation analysis of GBPUSD. Last week as we can see, GBPUSD still in bearish mode. Next week, I believe the beginning of the week GBPUSD will go to the upside a bit around 1.3945 until 1.3965 before going to the downside again and targeting the 1.3735-1.3750 area. I believe there is still some room in the downside for GBPUSD to fulfill before going to the upside again.
Disclaimer: This is my personal trading setup !! Please use this only for comparison with your own analysis.
Share your thoughts or ideas in the comment section below and give support by giving like thumbs and sharing with your friends.
Cheers.
CADCHF SWING TRADE THEORY
This is an impulse move of the Daily timeframe, Wave 3 having been extended and completed.
Wave 4 zone A retracement at 0.38 of the impulse move
Wave 4 zone B retracement at 100% of wave A corrective lower timeframe
WAVE 4 zone C wave count (3 wave internal structure) 5 WAVE DONE
CONCLUSION
THE CURRENT PATTERN IS A RUNNING FLAT WHICH HAPPENS TO BE COMPLETE,
A STRONG WAVE FIVE TO THE UPSIDE SHOULD BE EXPECTED, CONSIDERING THAT THE PREVIOUS IMPULSE MOVE WAS AN EXTENDED WAVE 3. WAVE 5 TARGET ZONE SHOULD BE 100% EXTENTION