JimFred
Long

WAVE 2 wrapping up?

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
198 6 0
My current thoughts on the btc wave count.
....this website is amazing. Thanks a bunch for sharing your idea/reasoning, Jim!
Reply
If you go to:
http://www.prognosis.nl/support/faq/principle/principle2.html
and search for: "irregular flat" you can learn the rules regarding this type of wave. Interestingly, the author makes point that the fact that the market makes a new high suggests that the market really is anxious to get on with the next impulse wave up.
Reply
I am of the current opinion that wave 1 ended where I have indicated. You have to go the 15 minute bars to see them, but in that time frame you can count 5 waves up in the final thrust up.
Wave 2 can be irregular, and they can register new highs and new lows, depending on if it is a bull or bear market. The rule is that (in a bull market) wave 2 can not go lower than the start of wave 1, but it can go higher...
As for the steepness of the descent in wave 2, I don't believe there is a rule that suggests that wave 2 can not be steep, just that it can not go below the start of wave 1. Heck, look at forex and you see very steep waves as a rule!
Time will tell if the count is correct. If the market goes below 88 I will know my count is wrong. That's one of the things I like about Elliot. There are clear indications of when you can know for certain your count is wrong. (If the market does break 88, then probably what I thought was a bear market-ending wave 5 down at 88 was actually a wave 3 ending.)
In the meantime, if my count is correct, either wave 3 will start soon, or wave 2 will extend into something more complex. Either way, this is going to get exciting soon.
Reply
Abandon JimFred
Thanks for explaining this to me!
Reply
This would be nice, but I don't see this happening with that steep of an ascent. Do you have any reason for thinking that it will go up like this? Or precedent?
Reply
Abandon Abandon
Oh, and why does your first wave start below the tallest point? Isn't that one of the fundamental things that cannot happen?
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out