Out of curiosity, I decided to flip the graph and I noticed a textbook-quality Elliott Wave. Wave 2 drops to 61.80%, Wave 3 climbs to 1.618. Wave 5 is getting extended and the news are "universally positive" since everyone is predicting (again) the doom of Bitcoin.
@STEVE.elliott is perfectly right.
And another Elliott Wave principle is that the subwaves of wave 3 should be divided in a 12345 which it doesn’t and therefore also invalidates it
The first wave 1 can be subdivided as a 12345 and as such it is validated, but then something else starts to happen in the chart which invalidates the higher level of 12345 as you have been drawing. Which according to the Elliott Wave principle forces one to draw other wave then the 12345. It starts getting a bit messy, and ABC and WXY waves has to be drawn.
The Elliott Wave Principle is a very good book I really recommend. And also to follow many other very strict Elliottist to learn from.
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Also you have used Fibonacci Retracement in a non meant way to be used (though it can be used in many ways).
If you turn it around (reverse in the dialogbox for the Fib. Ext.), you can see the retracement level which should be 38,2%. It retraces from 0% and up to more and more.
And if you’d like, you could use Fibonacci Exttention tool to measure the possible end of wave 3.
Which makes the Fib. Ext. 1.618 in your chart to be almost Fib. Ext. 1.0
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Both these tools are invaluable tools to me, and from my experience I really recommend them.
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ntanhua
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@ntanhua, How on earth do I edit my post?
I would like to correct some faults.
steve.elliott
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Wave 3 is your problem.....Wave 3 is never the shortest, and typically the longest - suggesting perhaps that your 3 to 5 could be all one wave 3 emotive?
steve.elliott
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with a possible wave 5 still to follow after completion of wave 4
Razgreez
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@STEVE.elliott, extended wave 5 can exceed wave 3 in some cases! i dig this chart tho because it gives me hope :|
steve.elliott
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@Razgreez, Agreed, but wave 3 cannot be the shortest. On your chart, Wave 1 is bigger than wave 3 also which invalidates it. Good luck & Green pips!
Aldonio
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@STEVE.elliott, I appreciate your comments and I agree with you, the reason I placed Wave 3 there is because the sideway channel from May 28th to Jun 8th looked like a good candidate for Wave 4 and it doesn't invalidate Wave 3, because it is still slightly longer than Wave 1.
And another Elliott Wave principle is that the subwaves of wave 3 should be divided in a 12345 which it doesn’t and therefore also invalidates it
The first wave 1 can be subdivided as a 12345 and as such it is validated, but then something else starts to happen in the chart which invalidates the higher level of 12345 as you have been drawing. Which according to the Elliott Wave principle forces one to draw other wave then the 12345. It starts getting a bit messy, and ABC and WXY waves has to be drawn.
The Elliott Wave Principle is a very good book I really recommend. And also to follow many other very strict Elliottist to learn from.
-
Also you have used Fibonacci Retracement in a non meant way to be used (though it can be used in many ways).
If you turn it around (reverse in the dialogbox for the Fib. Ext.), you can see the retracement level which should be 38,2%. It retraces from 0% and up to more and more.
And if you’d like, you could use Fibonacci Exttention tool to measure the possible end of wave 3.
Which makes the Fib. Ext. 1.618 in your chart to be almost Fib. Ext. 1.0
-
Both these tools are invaluable tools to me, and from my experience I really recommend them.
-