OMG/BTC -(BINANCE) After the breakout of the falling wedge, price is retesting the downward slanting trend line. Price should complete the 5th Elliot wave or reach the upper given blue line.
@Skitmarx, Could you plz specify, how.
If your bias is on the way it has played out till now, then u must consider how this market react when BTC dumps.
It was clearly bouncing of the Ending Diagonal 4th wave, but on the midway btc crashed. BTW, would like to know how it is poorly sized, plz reply
MoneyEngineer
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@fxgainz, Your count is so bad it makes my brain hurt.
fxgainz
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@MoneyEngineer, Plz can u clarify where it is wrong, This is not the standard Elliot Wave Impulsive pattern . This is the "Elliot Wave Ending Diagonal" Formation. You can check this in A. J. Frost and Robert Prechter Elliot wave book or in any Elliot wave book, u can also check on google. Just search on google about "Elliot Wave Ending Diagonal then I think Ur brain might stop hurting. You can also refer to this link to know how Elliot Wave Ending Diagonal looks like, just check the "COCOA" chart in this link -- bit.ly/2Rkfp1B
Elliot Wave has many formation but people only look at the one formation where wave 4 should not retrace more than wave 1, that is most basic Elliot wave formation that even a newbie who starts charting knows about that. Look forward to hear from you.... Cheers
MoneyEngineer
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@fxgainz, Your first labelled impulse 4 intersects wave 1 which is a broken rule, and your "Ending Diagonal's" projection does not break the top of the previous impulse which is another rule broken. And If in any case that actually turns out to be an E.D. that would be extremely rare given its expanding nature. Just checked the chart, in a heavy down trend. You can not count 5 waves up when in a bear trend unless its sub moves which yours are not. Here is a EW count that respects the trend and does not break any rules.