FTM - Elliott wave Analysis from 31/7/19 - Learner's module

Fantom / Bitcoin (BINANCE:FTMBTC)

Updated

BINANCE:FTMBTC Fantom / Bitcoin

This post is for those who wish to improve their Elliott wave analysis. Interested traders can comment their wave counts. Wave counts will be updated based on the discussion in the comments. Right or wrong, feel free to comment your wave counts. This post is only meant to learn. My wave counts can be right or wrong, as I am also a learner.

Here are some resources for learning Elliott wave theory -
Books :
Five waves to financial freedom by Ramki N. Ramakrishnan(I am currently reading this)
Elliott wave principle by A.J.Frost and Robert Prechter
Mastering Elliott wave Principle by Constance Brown
Online :

Targets for wave (3) top based on fib extensions of wave (1). The targets in the below chart are drawn using Trend based fib extension tool. Targets - 100%, 123.6%, 161.8%.

Coming to wave (3), sub wave 1 and 2 are done. Sub wave 3 has started.

Sub wave 2 of wave (3)

Sub wave 3 of wave (3). Pull backs may never come.

Comment:

the wave ii in the above chart had a 100 % retracement

Comment:

229 sats level didn't hold. Market is still correcting which means subwave 2 is going on and subwave 3 didn't yet start. As wave a is extended, expecting wave b and c to be of nearly equal length and the market is currently consolidating at 61.8% fib retracement level of wave 1. updated wave count -

Comment:

May be heading towards 218 sats(70.7% fib retracement of wave 1. We currently dont know where this correction will end.

Comment:

As Alts are highly dependant on BTC's stability, I shared a post similar to this to track BTC's movements. -

BTC - Elliott wave Analysis from 1/8/19 - Learner's module

Comment:

BTC is likely to undergo a major correction to 10000 - 10200 range before heading to 11000. Updated wave count for FTM -

Comment:

Doubt to be cleared : How to differentiate between a bear flag and a strengthening breakout pattern after a significant decline?

Related Ideas

about FTMBTC

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.