I have an impeccable wave-count down to minute resolution on the October rally which gives me high confidence that this is a W1 with a W2 in progress. This structure is tradeable regardless of whether it is the start of a larger rally or the beginning of an ABC as I can confidently infer a W3 to follow. I intend to trade this once I see a qualifying retracement...
The alt market total capitalisation is finding strong support at the W1 top which lends weight to my current count as a W4 at completion. A break-down below the dark gray box will kill this wave-count. Y-axis is in $billion btw.
This chart represents my highest precision wave-count for the current correction.
Red bars represent corrective sub-waves and Green motive sub-waves.
I have X: 3-3-5 (Flat), Y: 5-3-5 (Zig-Zag), Z 5-3-5 (Zig-Zag).
Price is currently in wave 4 of C of Y.
I'm currently using this chart to anticipate a rally by ETH against BTC. I currently have two nested wave-one candidates with a retracement of the current nearing or at completion.
I'm looking for a break above the thick Red line followed by a re-test from above to indicate a potential long entry.
My current analysis is still at an the early stage of development, however further to my previous bull/bear counter-factual analyses I'm happy to proffer with high confidence the following:
* Invalidation of the bearish scenario (~$2400 target) by base channel failure
* Failure of the deceleration channel in play since December 2017
* Formation of...
Short-term pain, longer term gain. Wave 4-of-C in progress for this particular wave-count.
I posit an initial move to ~$3520 to complete wave 4 followed by a subsequent move to ~$4750 to complete 5-of-C. The Green box represents the final target before a move down to ~$2400.
The Blue and Orange traces represent the 200 and 50 week moving average respectively...
* Elliott wave analysis using Kennedy channeling. Coloured lines represent channel multiples (Deceleration = Red) and act as dynamic support/resistance .
* This chart postulates an ABC structure with wave C in progress.
* The Green shaded box represents the target area assuming that wave C conforms to the highest probability outcome of an advance of...
* Elliott wave analysis using Kennedy channeling. Coloured lines represent channel multiples (Base = Blue, Acceleration = Green, Deceleration = Red) and act as dynamic support/resistance.
* This chart postulates a wave 4 correction of the larger downtrend in play. Wave 4 is postulated as an ABC structure with wave C in progress.
* The Green shaded box represents...