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I started to observe, in watching BTC live, and going back through its price history, that a seven-wave structure often plays out, both to the upside, and to the downside. It's very noticeable in crash structures.
This seven-wave structure aligns more or less to the 5-wave Elliot impulse. But I find it easier to count the seven, because in my view the fifth Elliot wave can be hard to project.
The seven-wave structure gives a chance to project the seventh wave, because usually Wave 5 will land on either the 0.702 or 0.786 Fibonacci taken from the start of the movement.
Using this structural analysis, after Wednesday it became clear to me that the base for BTC currently is not in.
If my wave count is right, it should come in at 21.4k, but possibly lower.
Earlier, I miscounted Wave 3 as Wave 5, which put my projection for the base off by $10k.
I lost a lot on this mistake.
The basis of the mistake was discounting the fakeout at the end of the ABC corrective move of Wave B of the larger ABC movement.
BTC is currently, in my view, printing Wave 7 of the C Wave of the larger ABC movement. Within that Wave 7 of this seven-wave structure, the whole seven-wave structure plays out again. And also in the seventh of that sub-wave.
BTC is currently printing Wave 5 down of the seven waves within the seventh wave.
I started to observe, in watching BTC live, and going back through its price history, that a seven-wave structure often plays out, both to the upside, and to the downside. It's very noticeable in crash structures.
This seven-wave structure aligns more or less to the 5-wave Elliot impulse. But I find it easier to count the seven, because in my view the fifth Elliot wave can be hard to project.
The seven-wave structure gives a chance to project the seventh wave, because usually Wave 5 will land on either the 0.702 or 0.786 Fibonacci taken from the start of the movement.
Using this structural analysis, after Wednesday it became clear to me that the base for BTC currently is not in.
If my wave count is right, it should come in at 21.4k, but possibly lower.
Earlier, I miscounted Wave 3 as Wave 5, which put my projection for the base off by $10k.
I lost a lot on this mistake.
The basis of the mistake was discounting the fakeout at the end of the ABC corrective move of Wave B of the larger ABC movement.
BTC is currently, in my view, printing Wave 7 of the C Wave of the larger ABC movement. Within that Wave 7 of this seven-wave structure, the whole seven-wave structure plays out again. And also in the seventh of that sub-wave.
BTC is currently printing Wave 5 down of the seven waves within the seventh wave.
AgitationZone | TA-focused cryptocurrency Discord channel discord.gg/atGcaRzz
