How will BTC finish it's triple three corrective pattern?
There are a lot of different published wave counts out there on tradingview right now, but I try my best to follow the Elliott rules and combinations. I'm certainly not an expert, but I think I've studied enough of Elliott wave to understand that many of the published counts are invalid.
This one of a triple three combo seems to fit the best at the moment, but it can always evolve into something else.
As it stands, we could have just finished the abc portion of the z leg of a triple three, or we may need to finish a complete abcde of the z leg. Either way, it looks like we may be approaching the apex of a downward wedge within the next couple of days, and the wedge is supported by it's generally decreasing volume. This could turn out to be good news for the bulls if it results in an upward break, which is the direction I'm leaning. It's easy to get bearish right now in an extended corrective wave, but the wave count and downward wedge are, at the moment, indicating a normal corrective move with bullish intentions to follow.
Please feel free to share your point of view on the count! I would love to hear your ideas.
Good luck everyone.
This one of a triple three combo seems to fit the best at the moment, but it can always evolve into something else.
As it stands, we could have just finished the abc portion of the z leg of a triple three, or we may need to finish a complete abcde of the z leg. Either way, it looks like we may be approaching the apex of a downward wedge within the next couple of days, and the wedge is supported by it's generally decreasing volume. This could turn out to be good news for the bulls if it results in an upward break, which is the direction I'm leaning. It's easy to get bearish right now in an extended corrective wave, but the wave count and downward wedge are, at the moment, indicating a normal corrective move with bullish intentions to follow.
Please feel free to share your point of view on the count! I would love to hear your ideas.
Good luck everyone.
Comment:
I'd like to point out that if we go for an E wave it could land anywhere between 9200 and 8800. My annotation on the chart is not supposed to indicate the landing spot. We could also end up with a throwover of the E where it dips further.
Comment:
I like to try to prove myself wrong, and something I've found that invalidates this count is the X waves retrace more than 61.8% of the previous wave. Does ANYONE have a valid count on this? I haven't seen one yet.
Comment:
BTC has broken out of it's wedge. Will it be sustained? There is some nice volume, but it's dying off. This could be just a small period of consolidation after the breakout before the next move, or it could have exhausted itself and begin to retrace. The .236 level is currently acting as resistance. It would be nice to break above and confirm it as support.