Bitcoin Elliott Wave Update - Where are we?
With the recent price action, the bullish and bearing interpretations look about equal in terms of probability.
The bearish interpretation (pictured above) is that we've been working a minor degree X wave, since 9/15 and we have another leg down, minor wave Z, once this X wave finishes. This count seems to fit fairly well. Based on fib extensions, we might look for this wave to terminate near the $4675 level.
The bullish interpretation is that we've begun intermediate wave (3) and we're working minute wave [3] of minor wave 3 of intermediate wave (3). The main problem I have with this count is that this rally looks far too weak to be a 3rd of a 3rd of a 3rd. It should be zooming higher if that were the case. Instead it's moseying up, dragging along it's trend line.
Given this, I'm leaning toward the bearish count. If that is accurate, we should see prices move slightly higher in the shorter term, before ultimately turning lower again.
If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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I'm finally trying to do counts myself, pretty noobish lol but would you agree with my EW count on Syscoin? Ignore the placement of C, guess my main question would be is an ABC correction due or is the top of wave 5 likely to not be seen yet? Or would my B actually be the top of wave 5? Thanks!
https://imgur.com/YgrbVSQ
https://imgur.com/2Oga4fG
The county looks good to me. I especially like that wave 2 is sharp and wave 4 is shallow, which shows alternation. Also your b wave us clearly 3 waves up. I would agree with your count. I'd recommend having an alternate count as well and knowing the point where your preferred count is wrong.
Will do, thank you for your time!
I think you should do updates everyday.
Great post.
Thanks! I'll try to do them more frequently.