One idea for BTC Elliott wave count (revised)


Just an idea. Including revisions on previous ideas.

WXYXZ: Elliot triple combo waves (ex. a triple zigzag )
WXY: Elliot double combo waves (ex. a double zigzag )

Basic principle:
If a wave is a zigzag , it comprises three waves decomposed as 5-3-5.
If WXY or WXYXZ is a zigzag , W, Y, and Z are each a zigzag .
W, Y, and Z waves can each be a double or triple zigzag .
X wave can be any corrective wave.

A complex corrective wave often comprises fractal complex corrective structures.
A triangle RARELY appears in the second wave of an orthodox impulse.
A triangle prevents an equal-sized reversal pattern (a double top , a head-and-shoulders) from forming until it completes.
If a HORIZONTAL triangle seems to have an extended E wave, it should instead be counted as a three-wave structure.
Truncation is not considered in this count.

Gann Square placement is just an idea. Please don't blame me for the number of components.
I applied it this time so X waves don't penetrate the arcs.

This is just an idea. Another counting would be possible. I don't insist this is the only correct answer.
Before posting meaningless comments (e.g., "so many lines!") or groundless criticism (e.g., "no way!"), or any insulting comments, check your knowledge for counterarguments and read THE ABOVE, relevant textbooks for definitions of any theories and tutorials for the built-in tools.
Any inappropriate posts will be immediately reported.
Check the revised version.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.