BTC Short term Pullback Presenting a Classic Long Pattern?
How do we categorize the current pullback in BTC? All market movements under Elliot Falls into two logical Classes
- Impulsions (Trending and Terminal Patterns), which occur in the direction of the trend. When analyzing short-term market movement, Impulsions can be monowaves.
Corrections (Non Trending Patterns) which occur against the trend, or what we are seeing now with this corrective pullback. Corrections can also be monowaves but, if more complex, will generally appear as sideways consolidations on a price chart and are usually composed of three (3) segments. Or an A,B,C corrective waves.
Conclusion: BTC is presenting some favorable Risk & Reward 1:4 with this pullback. Look to establish longs with STOPS well below 78.6% , refer to chart for price level.
Important Takeaway as a Trader: Make an absolute, immediate decision on current and future market possibilities when the markets is presenting unique patterns to the application of the Wave Theory.If you are holding BTC longs, it increases your ability to determine when a pattern has completed. And the most important aspect of identifying Impulsive or Corrective monowaves is that it allows you the ability to deduce the trend of a particular market.
- Impulsions (Trending and Terminal Patterns), which occur in the direction of the trend. When analyzing short-term market movement, Impulsions can be monowaves.
Corrections (Non Trending Patterns) which occur against the trend, or what we are seeing now with this corrective pullback. Corrections can also be monowaves but, if more complex, will generally appear as sideways consolidations on a price chart and are usually composed of three (3) segments. Or an A,B,C corrective waves.
Conclusion: BTC is presenting some favorable Risk & Reward 1:4 with this pullback. Look to establish longs with STOPS well below 78.6% , refer to chart for price level.
Important Takeaway as a Trader: Make an absolute, immediate decision on current and future market possibilities when the markets is presenting unique patterns to the application of the Wave Theory.If you are holding BTC longs, it increases your ability to determine when a pattern has completed. And the most important aspect of identifying Impulsive or Corrective monowaves is that it allows you the ability to deduce the trend of a particular market.
What a weak looking chart. Glad we took the dog to the barn a shot it in the head early...