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WAVE-2

How Low Will It Go Part DeuxPrior ABC Ideas closed for blowing through projected pivot; we're dealing with a monster here, not a garden variety correction. Topping formation in Wyckoff distribution. Will sell like Hell, then bounce back into a lower high zone, then sell again... and again. Looks impulsive. We clearly in Three not a C, which should've turned today. Three typically = 1.62 x One, so likely headed to 4365 for pivot to Four. NB: Three can extend up to 2.618 of One, although uncommon... watch and see. Four will be ~ half as tall as Two by alternating EW rule, won't bounce very high and can't pass One. Five can be ferocious, may extend up to 1.62 x One but is typically same length, although commonly it measures .618% extension area of the first & third waves combined measured against the high in the fourth wave. So to get Five need to see Four. This chart a wag and guess. It's goin pretty far south IMO. WOULD NOT JUMP IN BOTTOM FISHING YET!
TVC:SPXShort
by DaddySawbucks
39
Solana is correcting a larger move Larger picture first. As you can see its a logarithmic chart but fibbs are on a regular scale. Because that's how its supposed to be what I have learnt and most notable CMT traders and even RN Elliot himself pointed that very clearly. So we have completed primary wave 1 and now primary 2 which is a corrective wave is in progress. For primary 2 a typical .618 retracement is best to go with but in crypto we see deeper retracements 80-90 % because it's a very new asset class and is in the early stages of price discovery. This primary wave 1 was 82 weeks long. Its very likely that wave 2 will at least be around 25 weeks longs or ⅓ of time taken in primary wave 1 as usually seen. But it could even last longer than wave 1 in time, the only rule is that it should not make a lower low. As of now we are in the 7th week of wave 2 formation which is a very early stage. So now i have to give evidence for what I claim. As you can see on RSI there are 3 secular tops. Wave 2 RSI lowest reading as usual. With Highest reading in wave 3 as usual. Divergence in 5 as usual and MACD bearish crossover. Wave 1 are related to wave 5. In this case of Solana timewise wave 1 and 5 were both 133 days. In term of price intermediate 1 was 4.48 and intermediate 5 was 247.49. Divide those numbers means wave 5 was 56x of wave 1. Number 56 is is next to 55 and 55 is a 10th fibonacci number. Check the Pic below- Subwave counts on Log scale Below - Focus on recent Corrective Price Action Alternate count Thanks for reading. What are your thoughts ? Happy holiday seasons.
FTX:SOLUSDShort
by UnknownUnicorn10209036
6