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DEFI-trader
Oct 24, 2021 6:53 AM

Running Flat Elliot Wave Correction  Short

BINANCE:BTCUSDT1D
Bitcoin / TetherUSBinance

Description

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People are focused on the 4H charts and forget to see the whole picture of this correction.

Potential set up but YOU HAVE TO WAIT FOR THE MARKET TO DEVELOP!! (put a position at the end of this set up - no short positions right now!)

A Running Flat Elliot Wave correction is when the wave B will travel past the beginning of wave A.
Then, wave C will retrace more than 100% of wave A.

See chart for price targets.

Follow for more updates.

Comment

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Price moving down as predicted.. too early to say that we will continue lower but for now we are on track.

Comment

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First target price : 40k usd

Trade active

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Everything is going according to plan.

Trade active

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target of around 40k was reached a few weeks back(42k).. Time for a small bounce before heading lower

Trade closed: target reached

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Target reached! Closing this trade.
Wave AnalysisElliott WaveBTCUSDBTCUSDTBTC
Comments
yayabuster
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Wave A though is quite confusing..
pingygoogs
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Daily stochastic rsi is already at 0. doubt it's gonna free fall drop like your chart indicates
DEFI-trader
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@pingygoogs, exactly. no indication of trending upwards... it can stay below 20 for long time... check the stochastic RSI back in May 2021.
ShJavohir
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wow man, I am just checking out all of your analysis. They are perfect. Didn't you change your btc plan ?
DEFI-trader
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@ShJavohir, thanks , I really appreciate this. I am conflicted as of now, because I am expecting a bounce on BTC, but the bounce area may be lower from where we are now.. there are many signs of undervalued conditions however the bounce can be at 33K usd... both levels are good buy areas to start dollar cost average in my opinion.
MynameisTeo
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Hi, how you draw is a flat, for a running flat C need to stop in 38 k area. and A wave is "if'y"
cr74life3
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nice. what invalidates or validates this count as opposed to us having one more hit to high for wave 5
DEFI-trader
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@cr74life3, we may be in sub wave 3 of the major wave 5.but we need to wait.. Just in case price starts going down, people don't panic and start calling bear market. ;)
yayabuster
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Couple of points to support that you might agree or not.. seems to me that this correction is alternation to the Jun-Nov.2011 zig zag correction giving 2011-2021 was wave 3.
2018-Sep.2020 is a triangle correction - 4th of the 3rd wave (also alternating within wave 3). Wave 5 of 3rd is from Sep.2020-Apr-2021. My target is ~22K being 1.236 from wave A and there is a weekly gap on BTC future CME around the 24K.
DEFI-trader
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@yayabuster, yes this is a nice analysis! And totally possible. It makes sense since everyone is expecting BTC to 100K usd and above. BTC likes to surprise everyone
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