Hi traders,
Here is a detailed elliott count I tracked for BTC. You may use this chart to serve as a confluence to your strategy.
Since the start of this year until the breakdown yesterday, an irregular flat correction has played out after an extended wave 1. As a rule of thumb for extended wave 1s, wave 2 must be the most time-consuming pattern out of all 5 waves. Wave 1 took 150 days, I assume wave 2 will play out longer.
Targets for an irregular expanded flat are 1.05% - 1.272% fib plotted on the chart, and 0.618% - 1.00% fib for the irregular running flat (which is very rare compared to expanded flats).
We will be able to identify wave 3 and wave 5 targets after we complete wave C of the wave 2 correction. We will probably go down to 24k to 17k if my targets for wave 2 are correct. 24k is near the 1W 200 MA, and 17.5k is near the 1W 300MA.
I have also plotted significant reversal times for each wave. May 25, 2022 seems to be the nearest golden ratio in fib time for us to start moving to wave C.
I hope this analysis serves you well in your trades. Good luck everyone!
Feel free to send me a message here for any questions.
Here is a detailed elliott count I tracked for BTC. You may use this chart to serve as a confluence to your strategy.
Since the start of this year until the breakdown yesterday, an irregular flat correction has played out after an extended wave 1. As a rule of thumb for extended wave 1s, wave 2 must be the most time-consuming pattern out of all 5 waves. Wave 1 took 150 days, I assume wave 2 will play out longer.
Targets for an irregular expanded flat are 1.05% - 1.272% fib plotted on the chart, and 0.618% - 1.00% fib for the irregular running flat (which is very rare compared to expanded flats).
We will be able to identify wave 3 and wave 5 targets after we complete wave C of the wave 2 correction. We will probably go down to 24k to 17k if my targets for wave 2 are correct. 24k is near the 1W 200 MA, and 17.5k is near the 1W 300MA.
I have also plotted significant reversal times for each wave. May 25, 2022 seems to be the nearest golden ratio in fib time for us to start moving to wave C.
I hope this analysis serves you well in your trades. Good luck everyone!
Feel free to send me a message here for any questions.