We got Elliott in, on and all over the place. This is an Elliott traders wet dream. Perfect symmetry on the wave down to $140. With clear waves within Waves. Note the 100% app (alternate price projection) or A-B = B-C on the last major low. Then we get the Elliott-liscious Leading Diagonal that includes an Ending Diagonal up into $314. Nice. Then a clear a-b-c in this last correction. Note the 100% app again into the low of $200. Good sign of symmetry and Algos at play when you see this repeating. I'm long and strong here with a relatively tight stop. Premise being that the corrective low is in so no need to stick around if that's proven wrong. I'd rather be out and look for the next higher low. Excellent risk reward. First Target offering 5.87-to-1 and Second Target offering almost 10-to-1. Zerious upside... Go get some.
Am I correct that since we hit a new low, the A and B of this Wave 2 need to be recounted? And if so, where do you see C landing?
tradedevil
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@WillRoper, Hi there; there is no way to know for sure, of course... There is only the probability created from the wave structure that "implies" a leading diagonal, which in turn implies that we move now into an impulsive structure. It's tradable in my view because the risk reward profile is very favorable. A long here offers at least a 3-to-1 risk/reward. You could wait for a higher low on a smaller time frame. That's what I'm waiting for...
WillRoper
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@tradedevil, Thanks for the reply! I noticed that the screenshot you posted is of Bitfinex, while the original idea of this post was an EW count on Bittrex, which experienced a new low of 191.67 after you posted. Do you discount that as an outlier, since ZEC did not make a new low on Bitfinex?
tradedevil
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@WillRoper, Hi there; so... that's pilot error. I have a lot of people asking me about different markets on different exchanges and in this case, I just forgot to switch it back. Sorry for the confusion.