few more scenariosgreetings o/
as btc approaches my buy zone ($33,250),
things are starting to get heated in the market.
---
let's entertain the idea where btc invalidates the triangle idea; because let's be honest - it's very likely that it will.
there's plenty weakness in the market, and if it was to drop below the low from jan 24th (32918.7) i could see two potential paths which it could take.
#1 - the green path (my worst nightmare lol)
green projects what we call an expanded flat in elliott wave theory - where the low is breached in a 3 wave move - all the long stops are raided, but a big player buys right into it causing a squeeze to the upside (most likely to that 50k zone).
#2 - the red path (the chill scenario)
btc would basically just continue playing out the impulse to the downside + bounce once more time along the way to form a simple zig-zag.
that zig-zag would complete the larger wxy which had begun back in november.
downside target on both of these sits at 22.8k (the larger wave 4 algo target).
---
while i do prefer the triangle, i can't be attached to it.
so if it was to get invalidated, i would be ready for whatever shenanigans this market was to throw my way.
stop losses are your friend,
cash is king;
stay safe my peoples.
✌
