Expanded flat may be complete: - pullback 38.2% in the fourth wave - wave C of the flat hits 162% wave A. - no overlap with the wave 1 (marked with gray level).
From EW perspective this is a likely turning point, with the perfect risk to reward into the larger daily fifth wave.
So, if the fourth is finished with 38.2% retracement, how much do you consider for extension fibo for fifth wave?
UnknownUnicorn3382580
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@Sobinian, I have updated BTC just a couple of minutes ago with fibo projections
Sobinian
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@WXYXXZ, Thanks. I guess that's plausible. Good Job.
Mihai_Iacob
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very good!
UnknownUnicorn3382580
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EW principles is not about counting waves, but about locating appropriate entries with a decent risk to reward, and building a pyramid across the preferred option/ trend as it evolves according to your plan. Precter and his EWI builds their strategy on identifying the impulse - and taking the odds - whether it is wave A/1 or wave C. And that is all they need. Despite this simple strategy, most of the EW fans try to count waves and get too emotionally connected to their own or someone’s idea regarding a specific wave structure.
UnknownUnicorn3382580
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Abc easily transforms into a wxy structure, where Y is a wxyxz. In essence, it is the same expanded flat pattern. I am not explaining the theory, and please do not bother yourself, I am glad that you have read Precter’s book ))
UnknownUnicorn3382580
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Or a wxyxz
FocusWithin
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expanded flat should be ending in 5 wave impulse as a C wave
UnknownUnicorn3382580
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@FocusWithin you can still get, for example, a diagonal here like that tradingview.com/x/NVPWbd7F. or a triangle/flat on weekly (my preferred option). Anyway, until the trend is bullish, I prefer locating entries with the trend