Elliot Wave is often made fun of by some...perhaps this is because it happens to be the one form of analysis that is most frequently abused in order to curve-fit to ones's bias's. But to those who truly understand it (to be honest I am still learning after 2 years of study) it seems like it is abused most by those who are very new to it. And I don't say that to put anyone down, I did a lot of that as well when I was first learning, but I feel my understanding has vastly improved. That said, always more to learn : )
Here is a real time look at the amount of information one can gain, and how one can form a sort of decision tree matrix on how to trade. And then when you can combine EW w/ other forms of TA you can really gain an edge.
Here is a real time look at the amount of information one can gain, and how one can form a sort of decision tree matrix on how to trade. And then when you can combine EW w/ other forms of TA you can really gain an edge.
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Beautiful hidden bull divergence on the daily Stoch RSI...makes me think wave 3 is more likely already ready to go. But we'll see.
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Decent chance wave 2 is complete, which would imply a big move up ahead.
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Maybe something like this?
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Made it to the green box as expected. We now have a bearish divergence on the 6h at a confluence of resistance from the 50% fib level/channel. Considering that a pull back here would create bearish divergence on the 1 time frame as well, and many late buyers have piled in, I think there's a decent chance wave 3 is complete and we will start the wave 4 correction.
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Wave 3 completed as expected. Here is how EW can be used to analyze the market. personally no position with Tron atm...was luckily enough to get in at the bottom and catch the bulk of the move.
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"b"
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I believe the wave 4 correction is complete or near complete
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Wave 5 targets...first two likely, third a bit more aggressive