From the bottom we've watched a Wyckoff Accumulation jump the creek and stair step through a 5 Elliot's Wave and print a rising ABC flag, while coiling on support and showing a SOS at the LPS all while printing a large daily bullish OBV divergence.
Matic has always been a slingshot play, this lag in PA is exactly what was needed to shakeout the weak prior to vertical IMO
This wave assignment is just nonsense. The straight line rise out of the long-term triangle was a first wave with irregular top in the b-wave of correction, followed by wave c down.
ANobleNerd
⋅
@unbeldi, In my back-testing Matic has a history of "Bullish Running ABC's" which can be most often identified with the same length of A&Cs or when the expanded flat variants are thrown in the mix.
unbeldi
⋅
@ANobleNerd, Thank you for your reply. I don’t understand what back-testing has to do with wave assignments. ABC structures are corrective wave sequences. They have to correct a preceding impulse. The market develops in the sequence 12345-ABC, where ABC can also be an WXY(WZ). ABC can never stand alone, just as a 12345 cannot. I suppose a bullish ABC is a correction in a bear market, a counter rally. But Polygon just completed a large multi-year triangle correction in fourth wave. This requires an exit impulse in fifth wave. When not complete, an impulse can look like a three-wave structure, of course, but it is the duty of the analyst to recognize the mode of the market (bull/bear) and assign labels appropriate.
In your chart you do have the exit wave as a 12345, followed by an ABC. you cannot have another ABC tacked on after that. What comes after that is perfectly identified as a starting bullish wave 1 with its correction, 2.
@ANobleNerd, a running ABC is just a special case of a flat, where the C wave is under-developed and ends above the bottom of A. So you are saying that you are using some program to generate wave counts. And I tell you that it is not intelligent enough to do it correctly, and consider the larger context. I have not seen any automatic wave generators that work, but I gave up looking a long time ago. Perhaps the new LLM AI computers can do it some time.
ANobleNerd
⋅
@unbeldi, I only have my phone atm but a clear example of a similar but less compressed bullish running ABC is on ETHUSD from Nov 19 2020 - Dec 9th 2020, which is followed by a wave 1, for comparison purposes. I never said I use any program to count waves, just the experience from being able to retire from Trading profits thanks to TA years ago, and now I only pick money up when its lying on the floor if that makes sense.
unbeldi
⋅
@ANobleNerd, ok. I looked up the ETH chart. It was a long third wave that I haven’t analyzed in detail. It looks to me that its sequence was a first or third wave corrected by a running flat. But my point is that here in MATIC, the flat has to correct a preceding impulse. It cannot stand alone. The 12345 was already corrected. Look at my chart or a better assignment. Wether it is correct, only the future will tell, but it has meaning, while yours does not.
@ANobleNerd, The BTC one didnt save for some reason, so here it is again,
unbeldi
⋅
@ANobleNerd, it is not about history. You are interpreting these charts wrong. It is about the rules of the Elliott Wave Principle. You are violating the rules. The assignment is invalid. An ABC of any shape cannot stand alone.