Harmonic patterns are excellent tools to use in corrective markets like we have right now. Fast whipsaws, quick moves up and down, lots of "head fakes". How can we have any idea on how to trade these markets? Looking at the pattern from Feb 2018 we can see a "baby shark" pattern. If you would be so kind as to look at the expansion to the right as shown, in our current time here in Jan 2019, I believe that the market is repeating the same pattern on a huge "mega" scale. The Elliott wave counts are very difficult and can be interpreted in many different ways. 5 wave expanding diagonal down (freaky 4th wave); abc down; abc=A down now in wave a of B up; abc down=A down, all of B up now; .... ugh! my brain hurts. I'm an Old Fart gotta keep it simple! Easy - Freaky 4th waves = all of a B wave. Keep it simple! BOTH ways to count project the same thing. Look for a 5 wave reversal in the opposite direction to be in the near future! That's why the study of Harmonics is so important! It helps us keep potential turns in mind! In this case the blue sharks are swimming around and will take a bite out traders! Today as I write this I am looking for the B point to finish. It may go a bit higher into the .618 retracement of the OCT-DEC 2018 sell off. I don't know, don't care. Today is close enough for government work and looks to be a good reversal day. Power level +1 was hit at 2663. I am more concerned about the upcoming 5 wave move down to targets. I just wanna stay clear of "Mega Shark" ... Hope the KISSOF! (Keep It Simple Old Fart) method helps !
Which tool do you use from Tradingview drawing the butterfly pattern?
Thanks.
whiteknightmoving
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@dragonus, for butterfly,gartley,bat, crab use the XABCD tool. Cypher, genstar and patterns involving a 3 step motive wave (instead of the usual XA wave) use the Cypher tool :)
Which tool do you use from Tradingview drawing the butterfly pattern?
Thanks.