Macro level Elliott Impulse Wave for BTCUSD.
Following the traditional approach, Wave 1 starts Oct 21 when we have a big daily reaction to kick off the parabolic trend. This aligns directly to Wave 3 being the 161.8 to validate first part of the impulse move that started the trend. The retracement of wave 4 is the defined 38.2 length of Wave 3. The final Impulse Wave 5 is set to 100 percent log of wave 1 or is the 1 fib from Wave 4 retracement.
Temporal Timing:
I took the angle of wave 1 (~46 degrees) and wave 3 (63 degrees) and came up with a Target date between March 19th and April 1, ironically labeled April Fools. For confluence of the time, the trend based fib tool was used from Waves 2-3-4.
Wave Theory:
Ralph Nelson Elliott is the father of the Wave Theory, which is commonly called and more accurately described as the Elliott Wave Principle. Born on July 28, 1871 in Marysville, Kansas, Elliott reached his ultimate achievement late in life by a circuitous route.
Guidelines:
• Impulse wave subdivide into 5 waves. The impulse move is subdivided as 1, 2, 3, 4, 5in minor degree
• Wave 1, 3, and 5 subdivision are impulse.
• Wave 2 can’t retrace more than the beginning of wave 1
• Wave 3 can not be the shortest wave of the three impulse waves, namely wave 1, 3, and 5
• Wave 4 does not overlap with the price territory of wave 1
• Wave 5 needs to end with momentum divergence
Fibonacci Ratio Relationship
• Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1
• Wave 3 is 161.8%, 200%.. of wave 1-2
• Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50%
• There are three different ways to measure wave 5. First, wave 5 is inverse 123.6 – 161.8% retracement of wave 4. Second, wave 5 is equal to wave 1. Third, wave 5 is 61.8% of wave 1-3
BTCUSD
Following the traditional approach, Wave 1 starts Oct 21 when we have a big daily reaction to kick off the parabolic trend. This aligns directly to Wave 3 being the 161.8 to validate first part of the impulse move that started the trend. The retracement of wave 4 is the defined 38.2 length of Wave 3. The final Impulse Wave 5 is set to 100 percent log of wave 1 or is the 1 fib from Wave 4 retracement.
Temporal Timing:
I took the angle of wave 1 (~46 degrees) and wave 3 (63 degrees) and came up with a Target date between March 19th and April 1, ironically labeled April Fools. For confluence of the time, the trend based fib tool was used from Waves 2-3-4.
Wave Theory:
Ralph Nelson Elliott is the father of the Wave Theory, which is commonly called and more accurately described as the Elliott Wave Principle. Born on July 28, 1871 in Marysville, Kansas, Elliott reached his ultimate achievement late in life by a circuitous route.
Guidelines:
• Impulse wave subdivide into 5 waves. The impulse move is subdivided as 1, 2, 3, 4, 5in minor degree
• Wave 1, 3, and 5 subdivision are impulse.
• Wave 2 can’t retrace more than the beginning of wave 1
• Wave 3 can not be the shortest wave of the three impulse waves, namely wave 1, 3, and 5
• Wave 4 does not overlap with the price territory of wave 1
• Wave 5 needs to end with momentum divergence
Fibonacci Ratio Relationship
• Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1
• Wave 3 is 161.8%, 200%.. of wave 1-2
• Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50%
• There are three different ways to measure wave 5. First, wave 5 is inverse 123.6 – 161.8% retracement of wave 4. Second, wave 5 is equal to wave 1. Third, wave 5 is 61.8% of wave 1-3
BTCUSD
