Emaratilicious

Is this scenario possible?

BITTREX:DGBBTC   DigiByte / Bitcoin
Hi,

I'm just learning and wondering if this scenario is possible?

I counted 5 waves in the first bump in Daily chart

and DGB completed the correction wave (2) as Triangle and didn't exceed Wave (1) bottom

Shouldnt this lead to Wave (3) ?

Comments

thanks for asking my opinion- I'm flattered.

Unfortunately, I couldn't follow some of those charts due to the picture being cut off. I think what you are asking is- could the upward movement and correction be part a very large Elliot Wave Pattern?

Ya! Maybe so.
My understanding is that it doesn't volaite any of the Elliot Wave rules. This type of analysis is more rare thou (I have not frequently seen similar outlooks using EW like that). Personally, I lean towards price cycle theory in this instance and start the wave count over. Using Fibonacci 1.618, 2.618 as targets.

Technical Analysis is subjective. TA is painting a picture of price action, and everyone paints differently. Bottom line- Are you making money with this analysis and your techniques? One consideration- the further out the analysis the less precise.

Here are some of the main rules I abide by with Elliot Wave
EW Rules
1. Wave 3 can never be the shortest
2. Point 2 can never retrace below point 0
3. Point 4 can never retrace below point 1
4. Corrections can never be 5 waves (except triangles)
5. Corrective Patterns tend to alternate- example wave 2 simple correction (ABC), wave 4 complex correction (zig-zag, flat, triangle)
6. ABC correction usually contained by point 4 on the impulse wave series
7. 1 of the 3 impulse waves is typically extended

hope this helps- good job good luck

Reply
Emaratilicious DigitalMoneyTraders
@FishSniper,

Thank you very much for your valuable input.

Most of Altcoins have the same movements or patterns but most traders assign low targets when I can see a potential for high targets in case the previous upward movement is the impulse wave (1) which is an assumption so far.

until now, Wave (1) and (2) didn't violate EW rules and the confirmation is passing 61.80%-78.60% of wave (1) and then 100% . Long shot.

Thanks again man
Reply
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