4 cannot go below top of 1. I am also learning this.
mkmullin
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There are a few notes I have here.
1) Your Elliot Wave count is wrong, which has been pointed out already. The correct count puts the correction of $3,200 on 9/14 as point #4 in the cycle.
2) I have been using Elliot wave on BTC for general price movements, which can be effective. Your mistake is that your trying to use it to time the top of a trend.
3) I thought the top was going to be 8k the first time. It clearly was not. Elliot Wave cannot be used to time the top of a trend. It was my mistake in thinking as well.
4) All we know right now is that a top IS coming, but we have no way of telling where that top is with Elliot Wave.
Syn7hagma
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@mkmullin, Thanks a lot for the extensive feedback, it really helped me. It actually makes sense.
investing_alt
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BAD TA your wave count is incorrect.
Wave 4 cannot retrace into wave 1.
Wave 3 cannot be the shortest in the completed 5 wave structure.
Syn7hagma
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@altinvesting, You are absolutely right! Thank you for taking the time to correct me my friend