This is the alternate count that I am currently favoring over the last chart I published (https://www.tradingview.com/chart/BTCUSD1W/xVvWKQWt-Likely-Elliott-Wave-Count-for-Bitcoin/).
Looking at the 3H and above there is a pretty big all the way up to the 12H. My original thinking, that I published in my other chart, was that since wave v (on the current chart) has so much momentum compared to wave iii , that wave v was actually the first wave of an extension. At this time it appears that it is actually a like the current chart shows, and that this is in-fact an extension, however, we have not completed wave 2 of the extension. What I had labeled as wave 2 on my original chart is most likely wave a of 2. I was simply eager for this big down swing that is on the horizon. Good news is that we can increase our positions by longing and then re-shorting the top :)
The targets here set up some very nice . The low target is 231 and the high target is 240. The low target 231 will create a very nice , and the high target 240 will create a very nice . Depending on what the lower timeframes dictate, either one of these prices will be an extremely good short with a very tight stop-loss and very low r/r.
As was said in the first chart I ever posted "Want what the market wants" do not want what you want! Let the new information organize itself rather than trying to massage it into old categories. One of the most harmful things you can do in trading is anchor on to an ungrounded belief. Nobody trades the market, we all trade our individual belief systems. When someone says that "you can't do this" or "the market will do this" they are really talking about their beliefs. If you learn to trade your individual beliefs about the market you will find that you end up seeing a lot more possibilities in all markets, and you end up profiting with much more ease. There are basically two kinds of beliefs: limiting beliefs and liberating (chaotic) beliefs. Many traders are stuck in a limiting belief system because they refuse to admit that they are wrong, or simply because they cannot see any other way. Once you learn to trade your limiting beliefs for liberating beliefs trading becomes much more like a leisurely stroll through the park, rather than an arena where you are fighting other traders to the death.
Good Luck and Happy Trading! :)
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In this case the bulls can expect no large retracement and no new highs. Being that the next wave is Wave E of a triangle the best strategy is to be opening shorts as we move closer and closer to the trendline. Set your stop buys on the green line and stop sells on the red line so you don't miss out on either trend.
Remember that my original chart (https://www.tradingview.com/chart/BTCUSD1W/xVvWKQWt-Likely-Elliott-Wave-Count-for-Bitcoin/) Is still perfectly valid as well. We could easily start dumping very hard down to my original targets.
Happy trading! :)