- On the chart we can spot an Impulse Elliott Wave and ascending parallel channel! - As you can see we are currently at the 5th wave to the upside, which can be huge! - For expected duration of the trade, probability, stop loss, profit target, entry price and risk to reward ratio ( RRR ) - please check my signature below ↓ - The coin started this uptrend by the Head and Shoulders pattern. - Target is top of the channel or 1:1 fib extension! - New all time highs are near than you think. - The volume is decreasing, which means, that a big explosive move is coming! - If you want to see more of these ideas, hit "Like" & "Follow"!
Wave 4 bottom is coming lower than wave 1 peak. This is the only thing that gives concerns about current wave count.
yannisasimako
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@yannisasimako which means we could be currently going towards an extended wave 3 maybe?
phileepack
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@yannisasimako, in this particular case, according to the Elliot Wave theory, wave 1 and 4 cannot overlap. The only scenario where such thing would be acceptable is when the larger degree wave is wave 3. The count on which this idea is based on is therefore wrong according to the theory
Tolberti
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@phileepack, It is acceptable if it retrace by a wick.