Note: This isn't going to go over complete Eliot wave theory with a complete 1-5, ABC wave count. just what I think I need to make this investment. Also, depending on on the asset determines which is the longer wave, wave 3 or wave 5, with commodities being unusual with Wave 5 being the longest wave. I don't think crypto is completely sorted out, but if it is an alternative to gold and silver for storing wealth/being a fiat alternative it would act like a commodity and wave 5 would be the longest.
One of the ways you can tell if you are in a ABC correction is if you have a Elliot wave count 1-5 and a trendline which was once support becomes resistance. The pricea ctoin slips the trendline , ralley and price action sets a lower high against the trendline . That defines point B of the ABC correction.
The green trend line and fib ratio shows a lot of theoretical consistency, with B being at the 50% retrenchment level
The black fib ratio and trend line also show a lot of theoretical consistency with point B meeting the trendline at the 50% entrancement level again and point C being at about 0.786 level
What does this all mean? Since Elliot waves are suppose to be fractal this impulse and ABC wave in black were Wave 1 and 2 for the next leg up for ETHUSD and we should expect a Wave 3 that most likely will impulse up to the 1.618 or 2.618 level over the next 6m-9m or so. Massive unleveraged gains.
In general, buying on a pull back on wave 3 is difficult.
One of the ways you can tell if you are in a ABC correction is if you have a Elliot wave count 1-5 and a trendline which was once support becomes resistance. The pricea ctoin slips the trendline , ralley and price action sets a lower high against the trendline . That defines point B of the ABC correction.
The green trend line and fib ratio shows a lot of theoretical consistency, with B being at the 50% retrenchment level
The black fib ratio and trend line also show a lot of theoretical consistency with point B meeting the trendline at the 50% entrancement level again and point C being at about 0.786 level
What does this all mean? Since Elliot waves are suppose to be fractal this impulse and ABC wave in black were Wave 1 and 2 for the next leg up for ETHUSD and we should expect a Wave 3 that most likely will impulse up to the 1.618 or 2.618 level over the next 6m-9m or so. Massive unleveraged gains.
In general, buying on a pull back on wave 3 is difficult.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion