Bullish Scenario (Green): ABC Correction is done completing W2 on the larger scale Elliott wave. W3 is confirmed after we pass the $214 level (sub wave 1 resistance)
Bearish Scenario (Pink): ABC Correction isn't done completing. C wave still needs the 5th sub wave (extending to the 161% level) creating a double bottom ABC correction. Then we will attempt another impulse wave up.
**Sub wave 4 needs to stay under the sub wave 1 level (yellow line @ $214) in order to be a valid wave count**
If the price closes over the $214 level, the bearish scenario is ruled out and we will see the green scenario
If i missed anything or did something wrong please feel free to comment. Let me know what you think!
I think 4 passed 1 on gdax of your 5 wave down. So now we are looking for retrace of 2 for impulse up of green impulse 5. Correct me if I'm wrong
Rizn
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Shit, I forgot that 4 can pass a wick, I readjusted and it didn't fail, so we could still be on that 5 wave down.
Rizn
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Now we wait to see if 2 passes 1 (green impulse up). Then we will no for sure.
Rizn
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So 5 waves up is still possible , unless we drop pass 200.
nickd534
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@Rizn, yeah haha thats what i put, we still got 2 possible scenarios because the wicks dont count. Both options are valid counts to me based off what ive learnt + they follow all the rules
nickd534
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@Rizn, Basically were just watching that $214 level to see if it fails and we go into the impulse wave or if it doesn't fail and we finish off the ABC correction