According to socionomics, Elliot waves can help in projecting the possible social mood of traders reflected by the price movement. We can see the possible area for the end of wave C as the potential end of wave 2 and the start of bigger wave 3.
Time wise, if the 12345 wave take 61.8% of the movement and ABC correction the remaining 38.2% time, we can project the end of correction as you can see on the chart. Fun fact is that also wave 3 ended near 38.2% of the time passed from the considered time projection.
We have a lot of bids on the order book of Binance (about 650 at the time of writing) around 25K, the highest since the local top. It gives a possible area for wave C to finish around 61.8% of wave A. But if it goes as much as wave A it can finish around 23K area which has the highest trading volume in case of volume profile.
*** The most important point is, according to the fractal principle of Elliot wave theory, 5 waves can be considered as a bigger wave 1 and then the ABC correction as a bigger wave 2, then it can be the start of the wave 3 which is usually the strongest wave among all 5. If the new bigger wave 3 just moves as much as the wave 1 (what we saw since 15K - 30K) it can go up 100%.
If you want to know more about the Elliot's wave C:
Wave C is the final wave in a typical A-B-C corrective pattern according to Elliott Wave Theory. It's the wave where the price usually experiences a strong movement in the opposite direction of the primary trend. Here are some key points about Wave C:
Structure: Wave C usually unfolds as a five-wave impulse sequence (1-2-3-4-5), similar to the pattern seen in the main motive phase. However, in certain cases, it can also unfold as an ending diagonal, a type of structure that is characterized by overlapping waves and tends to appear in the final move of larger patterns.
Relationship to Wave A: Wave C is often related to Wave A in terms of their lengths. The most common relationship is equality, meaning Wave C is often the same length as Wave A. Other common ratios based on Fibonacci numbers include 1.618 or 0.618 times the length of Wave A.
Finality: Completion of Wave C typically marks the end of the correction and a potential resumption of the primary trend. If the trend was up before the correction started, then the end of Wave C would often be a good buying opportunity and vice versa.
Wave C in Expanded Flats: In the case of expanded flat corrections, Wave C moves beyond the end of Wave A. This is a situation where Wave C is an impulse wave and it extends beyond the ending point of Wave A.
Characteristics: Wave C tends to be quite powerful and swift, as it represents the final move in the corrective phase and is where the previous trend's participants are finally squeezed out before the main trend resumes.
Remember that the Elliott Wave Principle is a form of technical analysis based on crowd psychology and pattern recognition. As such, it's not a guaranteed prediction tool, but rather a way of understanding the structure of market movements. The actual market behavior may not always perfectly align with the principles, and it's always recommended to use it in conjunction with other forms of analysis and risk management techniques.
Time wise, if the 12345 wave take 61.8% of the movement and ABC correction the remaining 38.2% time, we can project the end of correction as you can see on the chart. Fun fact is that also wave 3 ended near 38.2% of the time passed from the considered time projection.
We have a lot of bids on the order book of Binance (about 650 at the time of writing) around 25K, the highest since the local top. It gives a possible area for wave C to finish around 61.8% of wave A. But if it goes as much as wave A it can finish around 23K area which has the highest trading volume in case of volume profile.
*** The most important point is, according to the fractal principle of Elliot wave theory, 5 waves can be considered as a bigger wave 1 and then the ABC correction as a bigger wave 2, then it can be the start of the wave 3 which is usually the strongest wave among all 5. If the new bigger wave 3 just moves as much as the wave 1 (what we saw since 15K - 30K) it can go up 100%.
If you want to know more about the Elliot's wave C:
Wave C is the final wave in a typical A-B-C corrective pattern according to Elliott Wave Theory. It's the wave where the price usually experiences a strong movement in the opposite direction of the primary trend. Here are some key points about Wave C:
Structure: Wave C usually unfolds as a five-wave impulse sequence (1-2-3-4-5), similar to the pattern seen in the main motive phase. However, in certain cases, it can also unfold as an ending diagonal, a type of structure that is characterized by overlapping waves and tends to appear in the final move of larger patterns.
Relationship to Wave A: Wave C is often related to Wave A in terms of their lengths. The most common relationship is equality, meaning Wave C is often the same length as Wave A. Other common ratios based on Fibonacci numbers include 1.618 or 0.618 times the length of Wave A.
Finality: Completion of Wave C typically marks the end of the correction and a potential resumption of the primary trend. If the trend was up before the correction started, then the end of Wave C would often be a good buying opportunity and vice versa.
Wave C in Expanded Flats: In the case of expanded flat corrections, Wave C moves beyond the end of Wave A. This is a situation where Wave C is an impulse wave and it extends beyond the ending point of Wave A.
Characteristics: Wave C tends to be quite powerful and swift, as it represents the final move in the corrective phase and is where the previous trend's participants are finally squeezed out before the main trend resumes.
Remember that the Elliott Wave Principle is a form of technical analysis based on crowd psychology and pattern recognition. As such, it's not a guaranteed prediction tool, but rather a way of understanding the structure of market movements. The actual market behavior may not always perfectly align with the principles, and it's always recommended to use it in conjunction with other forms of analysis and risk management techniques.
Comment:
C wave magnitude was near 61.8% of the length of wave A and the whole ABC correction finished at 38.2% of the whole 5 waves. It can be the start of a bigger wave 3 or a wave B...
Comment:
There also seems to be another wave counting in this movement's lower timeframe.
nfa & dyor
Invest Smart!
Invest Smart!
It is not a good sign as a relative strength. This difference can either turn to a delayed pump or get so much worse...