You are viewing a single comment's thread from:
RE: Bitcoin (BTC) Morning Update: Alternate Counts
Hello @haejin.
I really enjoy your posts and I've been studying some TA in the last weeks.
I get how Elliott waves work based on the Fibonacci ratios, but I can't understand if the new cycle starts right away or if there are phases when the price struggles for some time before beginning a new cycle with an impulse. XLM, for example. Is the first yellow circle the beginning or is that just the price hitting a buy wall and recovering (with the second circle being the first impulse)?
The retracement of the first impulse after the 33 cents bottom is compatible with the theory.
Regards.
i think impulse counting is subjective. its your choice.
we can name it after all impulses are shown. just guess it before.
Where's the impulse?
Probably you meant wave counting.
whats difference between impulse and wave? can you explain it please? english is not my mother language
They all are waves. But impulse waves have specific Impulse Wave patterns.
impulse = Eliot wave count 1~5
do i correct?
Yes, it consists of 5 sub-waves. It is written in the link I gave earlier.
is this the support making most of those bounce backs?
I do not have the correct answer for this question. Because I'm just learning the basics of Elliott Wave theory.
But from what I understood, it is a human nature that makes it happening. To move forward or push market, you have to take a rest and "bounce back", take a breath and move forward again, take a rest (bounce back), another deep breath and the final 5th wave. Imagine how to move a massive block - you can not do it in one push - you need to do it in many small moves. So, why the market should be any different? 😉
Those guys who are on one side are stronger than the guys on the other side. In bearish market, that is right now, everybody is too scared and they have the power to take down the price buy selling everything. But there are already many guys who are greedy enough and want to go to the moon. They get together and make those brave moves that are seen as bounces. But they are not strong enough to move the whole market, so the market gets them down again.
I think xlm just finished its abcde triangle. Your second circle being e. Therefore now it is in the first impulse. Only my opinion though which ain't worth much
second circle should be lower than first circle, to be E