HEAR ME OUT - EW theory says we are still uptrend on BTC!!!
Ok, so for those of you that know EW fairly well this will make sense but for those of you that don't know Elliot Wave theory I'll explain real quick why I believe we may actually still be on an uptrend even though everyone and their mother is saying "short short short".
I've been wrong before plenty of times but, and I'm ok with that, but I'm not ok with never getting the chance of being proven wrong.
So..
Elliot waves play a roll in charts big time. Like it or not, they're in basically all charts. For those of you that don't know there are basically two types of waves. Impulse and corrective. Obviously impulse goes up (in an uptrend) and corrective goes down (in an uptrend too). Waves can have subwaves, with subwaves, etc... So it's NOT just extremely simple.
Here's why I think we're on the way up instead of down.
In an uptrend (which in my chart started at 9300 (starting wave 0), we climbed to 10.9k (to impulse wave 1).
Now WITHIN that uptrend, we had the typical 12345 impulses up and down. We hit 10.9k and we start seeing red corrective impulses down (ABC correction)
HOWEVER, as soon as the ABC ended near 10080(ish), we saw impulses up...
Now this is what I want you to take away from why I'm saying we are actually still part of a 12345 impulse wave up:
EW rules states that we can only have ABC style corrections on the way down ONLY in a general UPTREND. Which in this case the ABC correction happened from 10.9k to 10,080. Which also means that this ABC correction is part of the correction that happens between impulse waves 1 to 2.
IF we were in a general downtrend, the corrective waves down would be 12345 impulses, and the impulses up would be ABC impulses instead.
So the corrective wave down to 10kish from 10.9 was DEFINITELY an ABC correction. Which means that last wave down to 10k is part of a wave cycle up. We are likely between legs 1 and 2.
Nothing else can explain this scenario...
For those of you shorting, beware that the leg 3 of the impulse up (the leg we are likely in now) is usually the longest wave up out of the 12345 impulses. If we start printing long greens on the hourly, abandon your shorts.
I've been wrong before plenty of times but, and I'm ok with that, but I'm not ok with never getting the chance of being proven wrong.
So..
Elliot waves play a roll in charts big time. Like it or not, they're in basically all charts. For those of you that don't know there are basically two types of waves. Impulse and corrective. Obviously impulse goes up (in an uptrend) and corrective goes down (in an uptrend too). Waves can have subwaves, with subwaves, etc... So it's NOT just extremely simple.
Here's why I think we're on the way up instead of down.
In an uptrend (which in my chart started at 9300 (starting wave 0), we climbed to 10.9k (to impulse wave 1).
Now WITHIN that uptrend, we had the typical 12345 impulses up and down. We hit 10.9k and we start seeing red corrective impulses down (ABC correction)
HOWEVER, as soon as the ABC ended near 10080(ish), we saw impulses up...
Now this is what I want you to take away from why I'm saying we are actually still part of a 12345 impulse wave up:
EW rules states that we can only have ABC style corrections on the way down ONLY in a general UPTREND. Which in this case the ABC correction happened from 10.9k to 10,080. Which also means that this ABC correction is part of the correction that happens between impulse waves 1 to 2.
IF we were in a general downtrend, the corrective waves down would be 12345 impulses, and the impulses up would be ABC impulses instead.
So the corrective wave down to 10kish from 10.9 was DEFINITELY an ABC correction. Which means that last wave down to 10k is part of a wave cycle up. We are likely between legs 1 and 2.
Nothing else can explain this scenario...
For those of you shorting, beware that the leg 3 of the impulse up (the leg we are likely in now) is usually the longest wave up out of the 12345 impulses. If we start printing long greens on the hourly, abandon your shorts.
"So the corrective wave down to 10kish from 10.9 was DEFINITELY an ABC correction. Which means that last wave down to 10k is part of a wave cycle up. We are likely between legs 1 and 2.
Nothing else can explain this scenario..."
We are actually likely DONE with the correction between impulses 1 and 2, and we or on leg 3 impulse UP.