broke the channel trendline
overnight only to quickly reverse back below it in what seems to be the first attempt to establish a top of the latest bullish
move. This brings our bearish
scenario to the forefront now with a completed X wave , usually followed by another abc
move down to the bottom of the corrective channel (or just a simple C wave). If this is the unfolding count we need an impulsive A wave down in 5 waves to increase our confidence. If the market stalls and does not follow thru tonight and early tomorrow, it could be an indication of more strength to come or the start of a triangle in wave 4 position of larger 5. ( we would need to possibly pull wave 3 blue down as completed). You have been witnessing since jun 19th what complex corrections look like thru the eyes of elliot wave
and hopefully by following these updates it became a bit easier to make sense of the price moves. Let's continue to monitor this and take advantage when the opportunities and high confidence setups present themselves.
I have recorded a New Video yesterday where i talk/explain in detail these counts and their outcomes. Please check it out on you tube under "cryptocowboy" account !
My telegram channel "COWBOY CRYPTO MARKETS" and our crypto room "COWBOY CRYPTO ROOM" discusses more detailed updates and lower time frame charts. If you want to learn more about Elliot wave
, it's a good place to get live market info and familiarize yourself with the wave counting process. Just go telegram and search in the search-bar the mentioned names. The traders there have been learning the ropes of this methodology very quickly by being exposed to regular updates and explanations of different wave counts !