BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
Updated with 38.2% fib retracement of wave A
We failed to make a bullish 38.2% retracement, seems instead a constant downtrend
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IMHO 2013-2015 retracement is too deep for wave-four to be primary choice. I propose that at the largest degree we've only made wave-two retracements since 2010.

That puts the 2018 peak as wave 3.1.1 and the current retracement as 3.1.2

Thoughts?
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Rachel_T theansweris42
@theansweris42, 2012 was a deep correction, 20154 was a flat which is totally in line with EW theory, additionally, each of those are between 85 and 95% retracements, The full wave should also retrace up to 100% and usually at least 95% that would put it at between $196 and $168

I use this as my guidelines
https://0104.nccdn.net/1_5/1d1/31d/37b/A.J.-Frost--Robert-Prechter---Elliott-Wave-Principle.pdf

Its considered "the Bible" of EW Theory
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Rachel_T Rachel_T
@Rachel_T, 2014/2015*

Sorry typo ^^
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@Rachel_T, indeed they were but that's too deep for wave four to be considered the highest probability fit, rather wave two would be preferred. Also, using Kennedy channeling as a visual aid to wave-counting results in a base channel failure at 2012 low and 2015 low further supporting the case for representing these as wave two. Base channels in Blue here:
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Rachel_T theansweris42
@theansweris42, It is possible that my points 3 & 4 are simply a Sub wave 1 & 2 of a huge extended wave 3 containing 5 sub waves), but that would be one huge chart that i wouldnt know where to start with at this stage :p it would go into decades before hitting wave 5
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Rachel_T Rachel_T
@Rachel_T, For now my chart is my "best guess", time will tell if its right or not
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@Rachel_T, yes absolutely. Check out Kennedy channeling, it helps a lot with wave-counting. Happy trading! :)
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Rachel_T theansweris42
@theansweris42, Would be interested to see your primary wave count and sub wave count,in a similar fashion to how mine is shown
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@Rachel_T, Sure, here you go. It's a work in progress..
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