Here is my take on playing around with Elliot. My assumptions are: Institutional trades started to make moves towards the end or after the 2017 bear market and Covid a Black Swan and if it did not happen there wouldn't have been the big dip.
So my 0 for Elliot is the bear market low. When calc. 1& 2 at the first reversal. March 2020 shows concern, but I wrote this off as a market collapse and not orchestrated-Black Swan. Then used Fib levels to verify the 3, and 4 retracement and confirm the 5.
Looking at the peak a 5, I could then use that as a 0 and start again. All levels match up where we are in a weekly 4 and about to drop down even lower when the 4 is finished between my 2 orange levels.
Comment
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Update on my Elliot Play. The "Guess" as I am new to this seems to be playing out. The question is will there be a 3 wave down (XYZ yellow) before a continuation up on the larger time frame or will it turn into a 5 wave down(1-5 white). Either move can bring us to the 28k range which is expected by man, I think if we do see a 5 wave down the top orange line is a solid point and I have buy orders place there for long-term. Keeping some cash incase we go further to trade.
Current levels are based on price point at time of writing, as seen on the Stoch there is room to go down on the daily, and even on the 4h there is a little room as well. Weekly stoch is leveling out at oversold, but the bigger trend down of RSI shows we have room it you like the RSI for long trends better.
we all look at the same chart and waiting for confirmation og wave C in Wave 5. I think the late dip to 28900 was the bottom. Still do nothing before some momentum takes place to lift btc up above 40500.
BurakB_
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Great post. Very informative.
sethers_0908
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@Burakb1, Don’t take it to heart as I am new to this and just practicing. However it does lineup with some longer-term moves of people I follow. It just happened to match the correct levels perfectly almost. Follow @Mayfair_Ventures
Piyuforex
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This patterns are wrong you not put abc correction after 5 wave completion
sethers_0908
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@Piyuforex, an ABC correction is a correction in the current trend. At ATH the trend has changed so why would I need that? I’m sure on the daily time frame there is an abc in there. I could be wrong through, still learning.
Mayfair_Ventures
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@sethers_0908, It's a good go! But You could also look at the 3 being all the way where you have 5 (up) and then from 5 down have an ABC move followed by a new correction (combo) where the current 3-4 move is. 👍
sethers_0908
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@Mayfair_Ventures, I see, I am kind of reading too far ahead in the future until my 4 wave is complete. So have an ABC from 5 and the current move would be a wait and see. Possibly another 3 move(XYZ/abc)?
Mayfair_Ventures
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@sethers_0908, ideally it becomes a triple combo - zig zag, triangle and it could turn into a flat from here.