hi, what about if at 540 made A ew4 and now we are doing wave 5 down
patrickdutkt
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@gobica, hi :) very possible. The 26,moving average is acting as resistance on the daily at 540 so it validates your point. I am a little bit bull bias so a prefer to see the bullish view with an the start of a new impulsive wave. Do you have a link to your count?
gobica
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@patrickdutkt, hi, i'am sorry, currenty i don't have a chart to show. I do think you got it right but i am not 100%. I am not 100% did we finish a corrective wave or are we in middle of motive wave .. there is room for both count's. But there are planty of evidence supporting your count. etheur is conected to ethbtc and btceur and in ethbtc there was no overlaping of 1 and 4 and in btceur the wadge even clearer ... the turn around was perfect 61% ... (I periodicaly delete my charts - when they are to messy ... I deleted it few hours ago, and in reconstruction i don't see my comment as probable ... i am normali bullish too
Piptocurrency
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It's not true. At LEAST, it's not true for the reasons you suggest here. You may be right, but you will be right for the wrong reasons. One of the three rules of the Elliott Wave theory of market psychology, which you're using here, states that Wave 4 CANNOT touch or exceed the top of wave 1. Thus, your 1-2-3-4-5 pattern is invalid. It is nothing. This entire structure, COULD, however, be a wave 1. But what you have drawn is not correct according to the law of Elliott waves. Learn your Elliott Wave rules.
patrickdutkt
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@Piptocurrency, What you are saying is actually not true . If it is a leading first wave diagonal then waves 4 can retrace to wave 1 :) . This is the entire First waves of a 5 waves. Check out leading first waves diagonal :)
"Leading diagonal is usually characterized by overlapping wave 1 and 4 and also by the wedge shape but overlap between wave 1 and 4 is not a condition, it may or may not happen"