Oops Just noticed the c on the chart
Bitcoin Price Thread
- Thread starter Magna
- Start date
What are you talking about? I've had the ABC drawn in since Mar19 (.618 fib) because I always assume at least a single ABC. Yes I expect (C) to be around 60k.
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Sorry about that I missed the C on the chart at first glance. I have punished myself!!
So your saying that with EW and fibs as your guide, you predict that the price could go up or it could go down.
I've been looking at EW to see if it's a tool that I might use. Finding it very confusing at the moment but I've only started down that rabbit hole.
Sorry about that I missed the C on the chart at first glance. I have punished myself!!
So your saying that with EW and fibs as your guide, you predict that the price could go up or it could go down.
I've been looking at EW to see if it's a tool that I might use. Finding it very confusing at the moment but I've only started down that rabbit hole.
Sorry I deleted that because it would actually be an invalid pattern, as it would be breaking the basic rule of 4 can't cross over into 1. EW gives you the statistical price levels for the patterns based on fib levels or measured moves. These patterns can be validated on invalidated using these levels.
If you look at the pattern below, some traders might interpret this as a C&H not knowing that we are in an ABC correction and the C&H is likely to fail. This happens all the time in EW with H&S too...pattern traders have no idea why they sometimes work and sometimes fail.
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Could you go back a few months and show wave one? I'm curious as to where it starts.
A line chart might be easier to show the waves.
This is drawn as a single flat correction, but it could be an extended or running. I'm basically waiting to see if it does a double correction which could take us to the end of the year or even next year.
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Thanks, Where did wave one start?
I'm starting the wave at the last circle, but really I just look for the 3 wave first and then chart from there. You could rearrange the numbers a bunch of different ways but it won't make any difference because we clearly just completed a 3rd or 5th wave, and therefore just trading the correction. You can verify and validate each leg with fibs if you need to. Also, these are all just sub waves of the larger cycle.
You may have noticed that after the ABC correction we are completing a C&H.
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