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kullervo88
Feb 9, 2020 10:56 AM

Regular flat correction 

Bitcoin / U.S. dollarBitstamp

Description

I'm learning Elliott wave theory. BTC fits perfectly to 3-3-5 regular flat correction. Your thoughts?
Comments
ssari
Elliot wave theory is not easy. You have to do it for 5 years at least before you can make a competent call
dynismaux
@ssari, i agree totally
mljones
@ssari, it's not that hard at all. philakone hasn't even been trading that long I don't think and he's quite good at it.
mljones
It's a valid count but going sub 3k is not consistent with the macro power law trend. We're in a bull phase of the 4 year cycle and so the dump after the halving is likely to be the last low of the year and not anywhere close to 3k. The real trick with EW is not to find "the" count but to count it multiple ways and find confluence with entirely different styles of analysis like volume profiling, or the macro trend, etc. You're looking for robustness of the count not how perfectly it fits the rules.

Here's the 4 year phase that would help filter which counts make more sense

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