4xForecaster

Potential Rallying To 4C' Per Alternate #elliottwave Count

BITFINEX:BTCUSD   Bitcoin / Dollar
2003 38 11
Friends,


Feel free to look into these refined rules I have laid down on T.S. Hennessy's Alternate Elliott Wave 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 fractal 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

and

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.

Cheers,


David Alcindor
David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

Signal Service or Private Course - Contact: MarketPredictiveAnalysis@gmail.com
All updates on https://twitter.com/4xForecaster
thank you
Reply
One small question, how do you pick 1 aka the start?
+1 Reply
4xForecaster PRO J.Livermore
@J.Livermore - I would love to provide a basic introduction to Elliott Wave principle, but this may be more than I can chew in this small thread. May be a teaching session would be in order IF and once TradingView comes up with video conferencing.

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
+2 Reply
02 SEP 2014 - Update:

From Twitter:
------------------------
$BTCUSD stomped at forecast level; Target coming near:

/x/j0j1TceU/#

via @tradingview | $BTC $USD #bitcoin
------------------------


snapshot



David Alcindor
+1 Reply
IvanLabrie PRO 4xForecaster
Your model was 100% valid at btc-e...I applied a revised wave count (thanks to your insights) and I decided to go short from 483 with a target set at 475 and then 452.
+1 Reply
@IvanLabrie - bingo! Excellent Ivan! Now, go get that beer you've worked so hard for!

:-)

David
+2 Reply
IvanLabrie PRO 4xForecaster
Well with my profits I can't buy a thing, cause it's a demo account, but I'll drink in your honor :p
+1 Reply
Well, if you can't liquidate to liquify, you can always consolidate what you've learn to solidify that future account - It all goes to dust at the end.

David
+2 Reply
Tip for you: Never publish a chart during the day at this time of the day.

I saw the price starting to fall several hours ago, this was the logical conclusion of it. It always starts very very slow until it reaches the point of no return - which mostly happens when China wakes up.
+1 Reply
Thank you @ChartArt - I appreciate the advice. What I publish is for educational purpose. The hits and misses are not as important as the demonstration of reasoning and adaptation to shifting situations. But it is good to know that there is a fundamental reason behind this miss. Again, very much appreciate you letting me know about this fact.

Cheers,

David
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