BTCUSD medium-term EW possibility: Bitcoin ABC correction on 4h

Bitcoin / United States DollarCoinbase

Description

⋅ Jan 5, 2019 10:13 AM

One possible Elliot Wave pathway with Fibonacci based Target zones.

So far we have all of the pieces of an ABC correction to the dump.
Three possible targets for wave C with the middle one most likely.

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Background:
This is a continuation of my calculations to find the 'bottom' and then measure each step of the bounce.

As the dump was happening, I saw bigger picture of a 4 wave impulse that started with the 7400 drop:

When it bounced, 4425 came into focus as the big hurdle as a top:

Zooming back out to the original large 5 wave impulse, targets were in sight again:

Then we had a strong bounce with perfect 12345, which I expected to top at 3800-3900

As the bounce progressed, a new top and new bottom came into sight:

After bottming at 3600 target and bouncing hard, I expected another leg up but got stuck in consolidation:

So now waiting for consolidation to break and hopefully finish the next leg up with current plan:

Comment

⋅ Jan 9, 2019 2:47 PM

Plan still plausible

Comments

klonaway

⋅ Jan 9, 2019 2:58 PM

I have this Elliott count in play for a week, so far still in play, which looks fine compared to textbook Elliott theory. Same general idea as your ABC, but different subcount. What do you think about it ?

EuroMotif

⋅ Jan 9, 2019 3:03 PM

@klonaway,
nice! thanks for sharing.
EW is tough cuz it is perfect only in HindSight :(
But your count looks just as plausible as mine, and is a good sign that we both see similar zones of importance.

klonaway

⋅ Jan 9, 2019 3:18 PM

@EuroMotif, whatever the count, I can't find any alternative screaming bear on the 4h time frame. Breaking down my purple support would invalidate my count and make me lean towards your view... Hope we don't, I'm long and would have to add to my position on a new low...