Hi all,
I have revised my EW count on BTC-USD. This is the first time posting, so heres my macro overview.
Now Elliot wave purists may not agree, especially with such an extended 5th wave.......but hey?
Firstly, I dont believe the 14k high from Jun 2019 is a 1 wave. I believe it is a 3 wave structure that corrects the 20k high to 3k low.
The 14k high also goes straight to 0,65 fib and rejects. We then see a sell of to 4k (aka COVID low). I also dont see this as a 2 wave, but rather a C wave of the larger ABC correction from the 20k high.
Secondly, the impulse out of the COVID low has always been an issue to reconcile. Many believe wave 1 ends at 10k with a very shallow 2 wave (< 0.236)
I always found that "problematic"......I just dont like such shallow retracements. Algos always find a way at least to the 0.5 fib.
Which is why I am partial to a 1-2-3-4 from the COVID low to 10k and a massively extended 5th wave. Wouldnt this explain why there has been no significant retracements?
And I also do not expect any significant retracements until this wave is completed.
The drop from 34800 to 27700 today is and will be the only significant retracement from the COVID low. I belive this is a 4 wave of the larger COVID impulse.
A target of 35-36k will complete the COVID low impulse. Thats what I belive for now anyway.
The next retracement from the 36k will be around 20-25k which is 4 wave of the larger structure. What happens after that....who knows.
I have revised my EW count on BTC-USD. This is the first time posting, so heres my macro overview.
Now Elliot wave purists may not agree, especially with such an extended 5th wave.......but hey?
Firstly, I dont believe the 14k high from Jun 2019 is a 1 wave. I believe it is a 3 wave structure that corrects the 20k high to 3k low.
The 14k high also goes straight to 0,65 fib and rejects. We then see a sell of to 4k (aka COVID low). I also dont see this as a 2 wave, but rather a C wave of the larger ABC correction from the 20k high.
Secondly, the impulse out of the COVID low has always been an issue to reconcile. Many believe wave 1 ends at 10k with a very shallow 2 wave (< 0.236)
I always found that "problematic"......I just dont like such shallow retracements. Algos always find a way at least to the 0.5 fib.
Which is why I am partial to a 1-2-3-4 from the COVID low to 10k and a massively extended 5th wave. Wouldnt this explain why there has been no significant retracements?
And I also do not expect any significant retracements until this wave is completed.
The drop from 34800 to 27700 today is and will be the only significant retracement from the COVID low. I belive this is a 4 wave of the larger COVID impulse.
A target of 35-36k will complete the COVID low impulse. Thats what I belive for now anyway.
The next retracement from the 36k will be around 20-25k which is 4 wave of the larger structure. What happens after that....who knows.