Anarchomania

PROBABLY TOPPING SOON FOLLOWED BY SIGNIFICANT CORRECTION.

KRAKEN:ETHUSD   ETHUSD
255 19 4
a year ago
The current trend seems to be forming an ending diagonal as wave 5 of 5 (V of one higher degree). If this is indeed the case, we should expect a correction, possibly quite deep. Targets to the downside would be 8.00, 6.50, 5.10, and possibly all the way to around 3.40. A subsequent bullish rally from any of these levels could indicate the completion of wave 2 of a higher degree of the trend.

Next higher degree of trend: https://www.tradingview.com/chart/8NmfP6Ri/
a year ago
Comment: Move to alternate wave count (flat correction - short)

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Cryptolicious
a year ago
How high would wave 5 go?
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Anarchomania PRO Cryptolicious
a year ago
If the wave count is correct (as in an ending diagonal) then wave 5 of the diagonal should not exceed the size of wave 3, since doing so would invalidate the count. (ie. wave 3 would likely become the smallest)
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Anarchomania PRO Anarchomania
a year ago
(in percentage terms that is...)
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Cryptolicious Anarchomania
a year ago
I can't read the chart very clearly. Wave 3 goes from $10 to $12?
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Anarchomania PRO Cryptolicious
a year ago
No....wave 3 of the diagonal is the top of that red bar. The numbers themselves are somewhat above and below....just for reference.
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Cryptolicious Anarchomania
a year ago
I'm new to elliot wave analysis and I'm trying to do it for myself... I'm just wondering what you think the top of wave 5 will be in $ terms.
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Anarchomania PRO Cryptolicious
a year ago
I wouldn't want to give you a price because targets are only possibilities. See above though....wave 3 was about a 24%, so when wave 4 terminates and reverses I'd be looking for the final move to be less than that.
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Cryptolicious Anarchomania
a year ago
ok thanks for the explanation!
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Anarchomania PRO Cryptolicious
a year ago
No prob :)
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Anarchomania PRO Cryptolicious
a year ago
Bear in mind though - percentages aside - wave 5 would probably need to terminate close to the upper trendline for the wave count to be ideal.
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Cryptolicious
a year ago
looks like the 4th wave completed, but I still don't know if this 5th wave is going to materialize...
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Cryptolicious
a year ago
looks like the 4th wave completed, but I still don't know if this 5th wave is going to materialize...
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Cryptolicious
a year ago
looks like the 4th wave completed, but I still don't know if this 5th wave is going to materialize...
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Anarchomania PRO Cryptolicious
a year ago
See alternate count -
Flat correction?





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Cryptolicious Anarchomania
a year ago
That's what I thought orginally, actually. But I was left scratching my head for a while because the B wave went really high...
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Anarchomania PRO Cryptolicious
a year ago
Normal in a flat...people sometimes call them 'double tops', although that's a loose term since a double top can be the result of an ending diagonal, a flat, or simply a truncated 5th (the latter normally following an extended 3rd and deep 4th).
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Anarchomania PRO Anarchomania
a year ago
But generally it's safer to assume a diagonal at first - since you'd be looking to get short at some point and assuming a flat first could get you short too soon and possibly stopped out...
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tiger_rag
a year ago
I can't see anything in this chart. Explain pls.
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Anarchomania PRO tiger_rag
a year ago
The wave count proved incorrect.
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