igster

Ethereum - Correction playing out?

KRAKEN:ETHXBT   ETHXBT
744 18 9
Making the chart again in ETH/XBT this time instead of ETH/EUR. We might be looking at a classic example of elliot wave theory. Interesting to see how this plays out.
Criticism is welcomed with open arms.
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Indeed this is a perfect Elliott Wave in the making. Only the count is not correct.
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igster Petros
Do you mean wave first should be extended to the top where I have placed end of third wave so we would be in wave 4 now?
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Wave 5 is on it's proper place. Waves 1 to 4 should be moved 1 level up each and you're golden. ABC correction is been coocking as we speak and let's observe what level of correction will it be. Looks like a simple zigzag just like you drawn, and this is good for us.
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igster Petros
Ah, I see. It does make more sense considering how I basically ignored the big movement on wave 5 with the current setup. Thanks!
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By 1 level up I meant wave 3 to it's nearest free slot (high), wave 4 to it's nearest free slot (low) and so on with wave 2 and 1.
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igster Petros
Now I'm not quite sure we're talking about the same thing anymore. So 3rd wave would be at 0.0308 top which is currently empty and others would, of course, move accordingly? That's how I'm visualizing your information on my chart.
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Yes. You're getting it right.
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igster Petros
Or do you mean that wave should had ended earlier on the previous local high? Lot to learn.
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No, wave 5 is correct and ends correctly.
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Shame I didn't spend more time making the lines symmetrical to other side! Seems like target of 50% fib was hit. I'd follow the price action closely in smaller timeframes to gauge interest for more upside.
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Market doesn't work "symmetrical" or "logical" or "what you want it to be" or "because you think something is gonna happen" or "it must follow your lines".

Market's internal structure is unlike anything we know and learn in this cause - effect reality.

Market is a natural fenomena, as are human minds, who operate it. Elliott Wave is it's internal structure and it has chaos built into it's DNA.
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igster Petros
Thank you for reminding of this. I have watched practical fractal from Bill Williams in youtube, and he was talking of these very same points! Have you heard of him by chance? I made the comment just because if I wouldn't had made this chart so late at night, I'd very probably used the symmetry to draw the lines for the reasons you mentioned here and would had found it funny to be so "right", when it was just a lucky guess. But I'm still very new to trading so lots of first time happenings.

Do you know any good Elliot wave material I could look in to?
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Also you don't make money by being "right". Forget this concept. Read/ watch/ listen to EVERYTHING Bill Williams has published. Stick to him and it's all you need. On your chart you already have a VERY usefull tool to count EW - MACD histogram. Pay attention to what Bill Williams has to say about it:)
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igster Petros
Bad habit, will take some time to get rid off it but with time and effort everything can be accomplished, heh. Thanks, wasn't sure did he really know his stuff or is the guy just a damn talented scammer.. Internet and trust issues :)
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BIll Williams is a legendary trader. 100% no BS. His concepts are quite futuristic - they're based on chaos theory, fractal geometry and quantum mechanics. Not everyone get them, but in my opinion it's the only way to understand the market. Just start with a blank canvas, throw away everything you "know" or "suppose" or "everybody say so and so". His stuff is pure gold.
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igster Petros
I'll be on my way then to start the journey! Trading with a glass of wine and classical playing in background, here I come :)
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All I can assure you is that it's a jurney far beyond the markets, a new unique point of view.
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