Everything seems in place to conclude to a near end of the correction. Only this part i had difficulties. I reviewed the theory for some hour. We have a double three structure, a three, an another double three structure.
The rules for this WXY :
Guidelines
• A combination of two corrective structures labelled as WXY • Wave W and wave Y subdivision can be zigzag, flat, double three of smaller degree, or triple three of smaller degree • Wave X can be any corrective structure • WXY is a 7 swing structure
Fibonacci Ratio Relationship
• Wave X = 50%, 61.8%, 76.4%, or 85.4% of wave W • Wave Y = 61.8%, 100%, or 123.6% of wave W • Wave Y can not pass 161.8% of wave W
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According to this you see where we will land, mostly stop at 0.086.
But damn how the hell you can project a double three. I now understand why I was confused with my last 2 structures of BTSUSD.
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Still hardly believe that we ended precendently the correction. These combination pattern announce that we have bottomed. Still has the same confidence of the last post
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In fact it been 1 month thats im saying correction is over look this post :
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the 5 wave of the C of the double three (on the USD chart)could be in at any moment since we are almost touching strong support. Im talking if you trade in USD. BTSBTC seems to already sitting strongly
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Just took some position few moments ago. Likely completed but waves are very littles and tiny. But overall feeling safe:
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Gotta say that I stacked +12% with last stop loss to where we are. Keeping yall updated
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wave 5th on going like expecte. very catchy at the BTSBTC pair :
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the variant is a trucanted 5 but they are very rare. ANYWAY you get the idea ! Im already in so honestly it doesnt bother me a minute. Just helping few people out there that wanna search for an interestng entry. :
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this is all part of the entry zone that i tlak since i created this post. It should not bother that the logn term holder. Just take a look the the bigger picture. This is a greedy count. There is no point for me to play this current pattern when i look at this :
Trade closed: target reached
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lol and bounce zone is reached ! :
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i took posotions at 0.096. I might have bought the bottom. This impulse seems to have broken lot of major reistance. New cycle ? Likely yes lets wait.
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I just updated my DEX BTS platform and its amazing the upgrade they made. i cna now work on a tradingview chart while trading BTS. Very nice.
@simonmercier, When you are confused in your counts, do you have any kind of strategy someone learning to apply EW could use to help aid in finding the overall broader trend/count, before going in for a macro view like you have here throughout the whole bear market?
I would like to be able to look at an asset/security or what else, and be able to identify where we are in that market, just not sure how one does this. You don't need to explain it all to me, but if you happen to have any solid reading material I could check out I'd greatly appreciate it.
UnknownUnicorn1540828
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@Kgear117, i always start looking at the daily chart and MACD then where are on the weekly (sometime i use RSI along MACD). I will search for my elliot wave theory book on pdf.
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@simonmercier, Thanks again. If you cannot find it, that's okay. I at least know the direction that I have to look in order to get a better understanding. Much appreciated.
Can you make one on Iota?