BTCUSD Bull Run? Elliot Wave & Schiff Pitchfork 2014 & 2018
Intro: Light at the end of the accumulation tunnel. Why a BULL Run is possible when comparing 2014 & 2018 Elliot Wave ABC Corrections and Schiff Pitchforks:
1) W correction is about a 70% price drop in both 2014 & 2018.
2) Both Y corrections extend to the 0.786 Fib Level.
3) A correction retraces to mean in the Pitchfork.
4) B correction extends to about the 1.5 Pitchfork line.
5) C correction retests the 0.5 Pitchfork line.
6) Current correction has touched the WARNING line (2.0 Pitchfork extension in a red dash line) and found support back in the 1.5 Pitchfork line.
Disclaimer: This is not advice but any trade entries at this point carry low risk and high reward if 2014 correction were to repeat itself.
Support: Comment & like if you agree or disagree. This is a learning community and feedback is always welcomed for my own learning curve.
1) W correction is about a 70% price drop in both 2014 & 2018.
2) Both Y corrections extend to the 0.786 Fib Level.
3) A correction retraces to mean in the Pitchfork.
4) B correction extends to about the 1.5 Pitchfork line.
5) C correction retests the 0.5 Pitchfork line.
6) Current correction has touched the WARNING line (2.0 Pitchfork extension in a red dash line) and found support back in the 1.5 Pitchfork line.
Disclaimer: This is not advice but any trade entries at this point carry low risk and high reward if 2014 correction were to repeat itself.
Support: Comment & like if you agree or disagree. This is a learning community and feedback is always welcomed for my own learning curve.
