Bitcoin Multi 1,2 Elliott Wave Cycle Analysis: Wave 2 Decryption Shown on the chart is BTCUSD:BITSTAMP on the Weekly Timeframe. This is a breakdown of the Multi 1,2 Elliott Wave Scenario plotted on the chart. This is by far my most bullish scenario for Bitcoin, as we haven't even reached the main wave 3 thrust up, i know its hard to fathom BTC over 1 million dollars, but this is one way to get us beyond that.
Historically the 1,2 pattern has mimicked past 1,2 fractals, usually returning smaller gains and retracements compared to its past 1,2 structure. This is only a guideline for the 1,2 pattern and not a hard rule, although BTC has maintained the right look for this Multi 1,2 Structure throughout its cycle. We are already on the 4th 1,2 pattern continuing the bullish movement to the upside. I have this degree of trend as the final 1,2 before the wave 3 thrust up. Probabilities get lower the more 1,2s we build leading to the 3rd of 3rd of 3rd of 3rd wave thrust, this is already a dream scenario on the Weekly Timeframe, not often do we see these "Rare Unicorn" patterns play out on a HTF, but more often on <15 min TF the rare pokemon are spotted more frequently.
I have highlighted my preferred buy area for the coming wave 2 pullback. The 2nd waves have reached higher fib ratios while still remaining smaller than the previous 1,2 ratios, showing the right look between impulsive and corrective structures thus far. Considering this, wave 2 could surprise us all (MMs known for this) and retrace to the .618 - .66 Golden Pocket area, while still remaining smaller than its past 1,2 fractal. I hope someone finds this useful or at least interesting! Happy Trading
Triple1-2
Arbitrum Bullish Elliott Wave Scenario! It seems the wave 4 Expanding Flat correction idea (previous post) played out well with our fib time and price targets! Always a good thing to have the right look in your wave count, fib time and price projections paired with the Elliott Wave rules and guidelines... its a whole other feel to my trading psychology and it gives me more confidence in the end. Breaking to the upside in the first of a few nested wave 3s, so i expect a bullish run up. (Keep in mind we finished red wave 4 just past the 1:1 fib time), if we are in a complex wave 4 still, it could easily extend to the 4 fib time without affecting probabilities. Starting to love this haha. Happy Trading 🌊🧙♂️
Multiple Nested Wave 3s on Arbitrum! Super Bullish!!🧙♂️I have an Elliott Wave count to share with you showing a super bullish Triple 1,2 in the 3rd wave of the Red impulse playing out. Meanwhile, we are currently in the third wave of the 5th wave of the Blue impulse, which contains in itself more nested waves in the form of a triple 1,2. Chart is shown on the 15 min TF, but I included a pic for viewing the LTF subwaves on the 3 min TF. Not financial advice as I am still a student of the wave principle. Happy trading! 🌊🏄♂️