No impulse downward. Your wave 4 (red) overlap wave 1 (red).
AdvanceChartist
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@FilipeMiguel, Bitcoin is not a cash market. Thus sometime it is allowable to overlap in any area include commodities.
The rules does not allow overlapping is very true and strict in cash market.
FilipeMiguel
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@AdvanceChartist, waht you mean when you say "Bitcoin is not a cash market"?
AdvanceChartist
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@FilipeMiguel Wait a minute. The rule of overlapping is apply only in cash market, yet it does not apply to any futures market. The rule of overlapping probably does not allow here. This bitcoin chart probably in double three combination. Or a double zig zag since it still in correction mode.
FilipeMiguel
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@AdvanceChartist, last chart must better :P. It's not my count because the X is below the A but is a small possibility to be right.
AdvanceChartist
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@FilipeMiguel, X suppose below A according to the rule? Not a fan of BTC but tryin to analyse wave of btc. Suprise to see where it is now. Probably moving upward in the near future.
FilipeMiguel
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@AdvanceChartist, as you now X suppose to be above A but not invalidate any rule.Personally I don't like failed or truncated waves cause then normally indicates that the count was incorrect. However it's fair to say that I also sometimes use these type of options.
Truly I'm not suprised with BTC and to understand it you must see the whole cycle. I have some problems with that, cause I have some doubts in the 2013 and 2014 candles and if they reveal the true development of price in time (see the weekly charts and maybe you understand what I'm talking). For me may be wave iv of big cycle but also can be wave iv of iii. What you think?
Although that, when I started in this crypto market I was able to see in ETH, the whole cycle, with more certainty what will happen in the short/medium term: Now I'm a little more bearish (in time and price) cause I think BTC and ETH are close to finished, only now, the wave A of Y