After reviewing a potential wave count, I believe it's possible for one more 'sneaky' low to occur, without the "Mother of all Collapses" to happen! Don't get me wrong, the lower targets are more than valid, and it could be violent to the downside (the BIG FLUSH!), but I believe this is where it pays to be nimble...not too bullish, not too bearish! If your bias is too strong, it's more difficult to react, or at least it is for me.
Understanding wave psychology is extremely important when applying Elliott wave!
So, let's recap this proposed wave count: In this count, I am proposing that the major correction ended as an "Ending (expanding) Diagonal", which is a 5 wave count, subdivided as 3-3-3-3-3, and overall ends the larger degree Wave C. Also note, that up until this point, most Cryptos have a tendency to end their perspective wave counts as a "Contracting" diagonal, and I was beginning to wonder if any cryptos would end as an "Expanding". Rare, but possible here! From that ending point, the Wave (i) up is a GRIND (not super convincing that the market has truly turned), and I have displayed it as another "expanding" leading diagonal, although, I could easily count it as a, "contracting leading" as well. Upon completion of the "Lack Luster" Wave (i), we now enter into the Wave (ii) correction, which Wave 2's are typically a deep correction (.786 or lower) and often times appearing as though, they will easily take out the previous low. Wave 2's job is to convince you that the BEAR MARKET will continue!!! And then it stops short of the previous low, and thus, the market 'turns on a dime', and then rockets higher, catching most off guard!
To be clear, I am not saying this is FOR SURE a wave (ii)! I am saying there is still a possibility!!! That's all!
Regards!
Understanding wave psychology is extremely important when applying Elliott wave!
So, let's recap this proposed wave count: In this count, I am proposing that the major correction ended as an "Ending (expanding) Diagonal", which is a 5 wave count, subdivided as 3-3-3-3-3, and overall ends the larger degree Wave C. Also note, that up until this point, most Cryptos have a tendency to end their perspective wave counts as a "Contracting" diagonal, and I was beginning to wonder if any cryptos would end as an "Expanding". Rare, but possible here! From that ending point, the Wave (i) up is a GRIND (not super convincing that the market has truly turned), and I have displayed it as another "expanding" leading diagonal, although, I could easily count it as a, "contracting leading" as well. Upon completion of the "Lack Luster" Wave (i), we now enter into the Wave (ii) correction, which Wave 2's are typically a deep correction (.786 or lower) and often times appearing as though, they will easily take out the previous low. Wave 2's job is to convince you that the BEAR MARKET will continue!!! And then it stops short of the previous low, and thus, the market 'turns on a dime', and then rockets higher, catching most off guard!
To be clear, I am not saying this is FOR SURE a wave (ii)! I am saying there is still a possibility!!! That's all!
Regards!