No, that is not a valid wave count. It is absolutely wrong, you cant start a correction phase wave count from middle of nowhere. The triangle is a 3 3 3 3 3 correction phase that its first move should be a countertrend move not a trend direction move. Either way i do not think we are in triangle. Because we completed 5 wave structure as wave 1 and because of that wave 2 can not be a triangle, just wave 5 and wave B and wave X can be a triangle.
FX-Business
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@farzinsabbagh, The fundamental for Bitcoin isn't bright. BTC is 70% dominance now while the peak in 2017 was about 33%. Overall, the market is leaning toward precious metals and Bitcoin isn't the safe-haven investors are looking for. BTC ETF is coming too, hence, the spike back above 10.5k. I can be wrong, too, but keep an eye out :)
farzinsabbagh
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@ERICPHUNG, that is another thing, dominance has a complicated relationship with bitcoin price, sometimes it has a positive correlation and sometime has a negative correlation. in terms of elliott wave analysis you should not include fundamental data into your analysis, because technical analysis consider price and volume as significant and anything else is ignored, because we can not know every action that impacts the price, that is imposible to know every cause that makes market movements. price and volume are the only fact that we have. for your argument about why bitcoin is not safe haven i want to hear more about it. why you say that and what is you reasoning ? thanks
FX-Business
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@farzinsabbagh, it's leading diagonal from Elliott Wave. The move played out yesterday.
farzinsabbagh
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@ERICPHUNG, if it is a leading diagonal as wave 1 of a new impulse wave down, you should have name it with number not letters, because it is a motive wave not a corrective. And secondly in a leading diagonal first wave should be in the direction of the diagonal not in the direction of prior impulse wave. In addition, in a diagonal triangle's sub wave count we should have 5-3-5 or 5-3-5-3-5 we do not have something like that right now.
FX-Business
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@farzinsabbagh, you are right. I should have labelled it as 12345. Plus it is an ending diagonal where the trend shifts
farzinsabbagh
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@ERICPHUNG, no an ending diagonal should be in the direction of the main trend not the opposite