All these bullish Elliott Wave posts showing Wave 5 bringing us to $20k etc is getting me thinking...
I’m no expert on Elliott Wave but I know TWO things about Wave 5 characteristics:
1. This is the fomo phase where retail piles in and sentiment is straight bullish
2. Wave 5 is rarely the longest wave, in fact it is often of similar size to Wave 1
So based on this, PLUS the fact we have fallen JUST short of the 0.5fib line for our full bear market move, it is entirely possible Wave 5 is complete and we will soon see an ABC correction, potentially as per my chart.
We’ll see though....we could still see a further move up to the 0.618fib, but since you can even count the 5 waves inside this Wave 5 and the entire market is overly bullish (even previously bearish traders), I just don’t know.
NOTE; I am not shorting until we break that 1st OB!
I’m no expert on Elliott Wave but I know TWO things about Wave 5 characteristics:
1. This is the fomo phase where retail piles in and sentiment is straight bullish
2. Wave 5 is rarely the longest wave, in fact it is often of similar size to Wave 1
So based on this, PLUS the fact we have fallen JUST short of the 0.5fib line for our full bear market move, it is entirely possible Wave 5 is complete and we will soon see an ABC correction, potentially as per my chart.
We’ll see though....we could still see a further move up to the 0.618fib, but since you can even count the 5 waves inside this Wave 5 and the entire market is overly bullish (even previously bearish traders), I just don’t know.
NOTE; I am not shorting until we break that 1st OB!
