Good Day! Only my point of view, but in long term scenario falling is very risky for BTC life, so I don't think market will do it. But of course I should prove it. Now we had breakout of ascending wedge, so price will go a bit deeper(down), under 40k. And here price has a choice: go to 28k?(what can cause descending triangular formation) or continue rising, what will actually prove the hole ascending cycle formation with Elliot principles. And I don't see any divergence on A/D indicator or other signs of real bear danger, instead we have a bullish diver. Elliot waves have strongly market bullish meaning, and the previous rising wave 1-2-3-4-5 is just smaller lvl as in theory, now we have abc movement, which is just first correction. So its clear to see we should wait a big pump. And when the price will follow the bullish view we will see not only new highs, but price about or above 100k, because imagine what will be the third wave in size as the largest one. A bear view u can see in my previous ideas. Have a good day!
Whenever you put the big waves, without justifying it with the detailed wave counts, your looking to get bad results. And that is what you have done.
My count below has complete detail, but has one flaw. There is a rule that for an expanding diagonal, wave 1 cannot be longer than wave 3. My wave red wave (1) is longer than my red wave (3).
I'm not sure I completely agree with this rule. But I might have to go back to the drawing board as a result.
I suggest watching Tradedevil video. He put out his latest BTC Elliott analysis.
UnknownUnicorn16582176
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will see
UnknownUnicorn16582176
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@gz1968, and did you take into account binance squeeze, or? xd))))))
My count below has complete detail, but has one flaw. There is a rule that for an expanding diagonal, wave 1 cannot be longer than wave 3. My wave red wave (1) is longer than my red wave (3).
I'm not sure I completely agree with this rule. But I might have to go back to the drawing board as a result.
I suggest watching Tradedevil video. He put out his latest BTC Elliott analysis.