rwilday
Long

Am I wrong in my count?

KRAKEN:ETHXBT   ETH / XBT
62 3 0
These are the tough moments in Elliot Wave and puncuate the need to identify key support (like my blue box) and scale in trade. I already a bit long and intend to add lower but this c wave is not actiing like a c wave. C's are supposed to be the strongest impulses in the corrective moves like the 3rd wave in an impulse move. So, this should finish quickly here. So, now I'm second guessing. We will know in a couple days. We either get a strong move up and that leading diagonal is 1 of wave 3. Or, we move down deeper into the target. The tricky thing with leading diagonals is that they break the EW rule of 4 overlapping 1 so they don't look like an impulse. But they can show up in 1 just as ending diagonals can show up in 5. They signify a battle between bulls and bears. I will begin to add higher if I have to and we see an impulse up.
It appears I was not originally wrong based on current price action. The current action is very much inline with 3 of c with a hard push now. So, right now, I maintain my wave targets on c but we need to see how 3 extends. Once we get into my lower target I'll deploy half of my Kraken account into ETH and wait for breakout. The current behavior of BTCUSD suggests it may be going into third wave, but we need a local breakout to confirm. It may be that ETH doesn't correct as much in USD basis as in XBT (BTC) basis.
Reply
rwilday rwilday
I should say more emphatically...based on action this is not a leading diagonal. Unless something unexpected happens this confirms my previous count in my mind. All orders still stand and I expect to accumulate in the blue box.
Reply
Right now this thing continues to dribble down. If I was originally right, It maybe that I simply counted wave 2 of c wrong since we have a new zig zag forming. If it is now completing 2 of c, that means the correction will project deeper into the target box. Many accuse Elliot Wave's constant correction. I'll argue that Elliot Wave has grown my wealth, but it is more about exercising good money money management. Don't overcommit to a count until most alternatives are discounted. And, in this situation, I have two options. Buy in the target zone with a stop at the .764 retrace, or buy the breakout. My choice is to scale lower until we get a breakout. Clearly we have a full wave 2 now so the wave 3 if breakout remains with a target of $28+ USD. There is very little argument there.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out