Feel free to look into these refined rules I have laid down on T.S. Hennessy's Alternate count. This is something I have spent some time to refine, and in the process, came up with a wave counting process that will simply the wave count quite dramatically - This process is called "Wave Reduction" whose rules can be found in the "Predictive Analysis & Forecasting" Room on http://www.TradingView.com - Here is the link: https://www.tradingview.com/chat/#5eHLst6YxeVqGlaO .
For now, this shot-term analysis and Wave Reduction layout in the chart.
The Wave Reduction have a simple repeatable pattern that is reducible or expandable, as per the nature of price patterns it represents. Hence, the higher-degree Wave-1 contains the modular count defined as 1-2-3-A-3'-A'-B-C-4C-4C', where 4C and 4C' have a specific counter-trend task to accomplish relative to points 3 and 3', respectively. Failure of this task completion signals a trend continuation - Simply see the rule written within the linked discussion/lessons.
At this point, a separate model has defined the following two targets:
1 - TG-1 = 490.03 - 01 SEP 2014
2 - TG-Hi = 495.17 - 01 SEP 2014
Looking at the Wave Reduction rule, it appears that 4C' would be tasked to rally to a level corresponding to the primary target, TG-1 = 490.03 - 01 SEP 2014.
HOWEVER, there are levels that will require overcoming, namely: 484.89, which is the structural level where recent bears have repulsed price down to its current lower level.
ALSO, if price fell below 476.57, it would give the market little less chance for a rally to the targets to occur.
At this point, we stand between these TWO structural levels, and we can do nothing else but wait for either of these conditions to validate the analysis.
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I would recommend looking into Mr. Prechter, Jr.'s EWI website. It has free information, and it would be coming right from the most reputable Elliotician available. If you encounter any problem during your review of the lessons that are offered (free) there, then let me know, so that I may be of additional help. But I truly believe that the start of such an endeavor should be granted with full credit to the authoritative website on this matter - David
$BTCUSD stomped at forecast level; Target coming near:
via @tradingview | $BTC $USD #bitcoin