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RE: Bitcoin (BTC) Morning Update: A Different Perspective
Here is an attempt at EW analysis by your @salahuddin2004 for POWR.
https://steemit.com/powr/@salahuddin2004/powerledger-will-power-to-usd-3-30-prediction-25
So what's wrong with this? Besides being sloppy and ridiculous, it disobeys the fundamental rule of Elliott Waves that states wave 4 can't encroach on the territory of wave 1.
That is EW 101.
It's the first and only chart of his I need to look at.
Do you even know what you are talking about?
Have you ever read any book related to Elliott waves ? I highly doubt it. You'd better learn a bit more, that would increase your insights. You'd have known that a wave 4 can go below the top of wave 1 without breaking the rules : and that is called a diagonal, which can be leading, ending, contracting, expanding. That is also EW 101 as you say. If you don't wanna listen to this comment, at least you could check by yourself what my teacher wrote (Prechter) in the recommended book, if that's not too much work. Once that done, check the weekly chart of BTCUSD and come back with more objectivity.
You have no idea who I am or what I know, but that is besides the point. You can't have wave 4 going below the top of wave one on impulses...only corrective waves.
If that's the case (Haejin style), then your friend's analysis implies that the entire history of POWR is a corrective diagonal.
Congratulations
Since you're lazy, here's a bit of tasty stuff that comes right from its source.
I don't know who you are and what you know, but I know who you are not and what you don't know. Simple as that.