I'm making this one more of an educational piece. This is not financial advise, nor am I confident in the count yet. We haven't had confirmations of my mini-wave count yet. These are just my thoughts based on today. Remember to DYOR and take responsibility for your own financial choices.
Based on the Elliott Wave count that I have (been tracking since Wave 3 ended). So far, things have been on the mark. I believe we are done with Wave 5, but some analysts are saying we haven't seen it yet. In any case, this is what I see. We have an inverse head and shoulders forming (assuming a bounce soon that confirms we are in a Wave 2) - this is a bullish formation. This wave count is invalid if we make a new low below $360. Hope this helps you with learning how to count waves and pattern formations.
Also, I see this alot, but necklines should be flat in a head and shoulders formation, I see a lot of lop-sided head and shoulders by other people where the neckline is tilted. The pattern just doesn't work that way - be careful of anyone who says otherwise. When I first started learning I thought skewing a head and shoulders formation was ok, IT IS NOT!
See more on my Double Zig-Zag WXy theory in my related ideas. We still have a while to go until we are in a long term bullish trend again. But that doesn't meant mean money can't be made in the meantime!
Based on the Elliott Wave count that I have (been tracking since Wave 3 ended). So far, things have been on the mark. I believe we are done with Wave 5, but some analysts are saying we haven't seen it yet. In any case, this is what I see. We have an inverse head and shoulders forming (assuming a bounce soon that confirms we are in a Wave 2) - this is a bullish formation. This wave count is invalid if we make a new low below $360. Hope this helps you with learning how to count waves and pattern formations.
Also, I see this alot, but necklines should be flat in a head and shoulders formation, I see a lot of lop-sided head and shoulders by other people where the neckline is tilted. The pattern just doesn't work that way - be careful of anyone who says otherwise. When I first started learning I thought skewing a head and shoulders formation was ok, IT IS NOT!
See more on my Double Zig-Zag WXy theory in my related ideas. We still have a while to go until we are in a long term bullish trend again. But that doesn't meant mean money can't be made in the meantime!
Comment:
You may also notice that we had a VERY short spike to $520 for less than a minute. Probably some whale dumping their shorts. Do you think it's a coincidence that it hit the 0.78 Fibonacci target EXACTLY on the mark? I don't think so.
