Let me know what you think, what stage of the market this could be ?
Is all the retail alredy in ? FOMO is there for sure. Alts are reaching over ATH doing 100-200X returns...
So we are for sure aproaching end of bull market, but could it be so fast?
Trade safe, use stop loss and dont forget to take profits.
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Time to update ELLiot Wave count,
Right now its almost clear we are forming triangle ... as continuation pattern (wave 4). SO my expectation is unfolding of last 5th wave of A corrective wave.
@Checkmate3355, Can you post your count or be more specific where I made mistake ?
Checkmate3355
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@SlavicChartist,
Hi This is my count. 4th wave is Running Flat Correction.
Checkmate3355
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@Checkmate3355,
Your 1, 2 and 3rd waves are similar to mine. But your 4th wave is ending below 50% retracement which invalidates according to EW rules. Also of you count small time frames, you can see Running Flat Correction for 4th wave.
According to EW rules, wave 4 (iv) in my chart cannot enter area of (i). thats all ... which is OK.
This is overleveraged market, especially wave (i) was ElonMuskHyped wave. So both correction waves (ii) and (iv) can retrace more than 0.5 ;)
Checkmate3355
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@SlavicChartist,
Wave (i) was Elon Hyped, I agree. But see how perfectly it retraced 61.8% and made wave (ii). Wave (iv) cannot be over 50% thats the rule. I don't understand your excuse being we are in over leveraged market. Cuz I'm getting Wave (iv) as Running Flat correction and Wave (v) will end somewhere around $77000
See this is my analysis. I can be wrong, you can be right too. I apologize for any inconvenience
If you're on telegram or whatsapp, let me know. Lets get in touch.
SO we agree, Market is at final stage aproaching the "TOP". Difference is only marking of subwaves and profit taking area. Slightly below 70K is good to take at least part of profit. (50% ??) and get rid of Alts. Of course there could be Throw-over to 70K+ prices as there will be a lot of shorts triggered.
Checkmate3355
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@SlavicChartist,
Top might be already in considering multiple bearish divergences in Daily charts. And price couldn't hold above 62K