But if price moves above B doesn't that negate every thing and possibly become a new wave 1I was thinking the same thing.
This is a typical 7 swing (extended) correction. My favorite kind to trade. I fill out the entire correction first and adjust accordingly. All of these levels can be measured by Fibonacci, but I usually just eyeball it until it matters.
This highlights why support/resistance traders fail because they would draw a line across A, but price would blow right through it on the way to WY.
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Elliott wave charts & predictions
- Thread starter wxytrader
- Start date
Yes, well wave 5, which will be the end of wave 1 on a higher degree... but when B fails to break 3 on its way to a 5 wave, 4 becomes A, and what would have been 5 becomes B...and now you can pull out the fibs for C.
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Why wasn't the first time price came cose to 72K considered BYes, well wave 5, which will be the end of wave 1 on a higher degree... but when B fails to break 3 on its way to a 5 wave, 4 becomes A, and what would have been 5 becomes B...and now you can pull out the fibs for C.
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Then the drop to 65ish would be C and the current up move the start of a new wave.
Has it something to do with price not trading lower than A?
Because that was the end of the 3 wave which started out of frame.
https://elliottwave-forecast.com/elliott-wave-theory/
Not sure what you mean by out of frame.
Do I understand you correctly that the last time BTC hit all time high was the end of wave 3.
Somehow I got the impression that was wave 5 and we were in for an ABC corrective wave.
Could you show a chart from Nov 2022 showing the wave count.
I have it as a 3 wave because if a 5 wave it would be longer than the 3 which isn't invalid but not common. I think three doesn't have to be the longest but can't be the shortest. It really doesn't matter though for charting a correction because it's either a 5 ABC like you said, where C would become 2 and the 12335 would become 1, or it's a 3 ABC to 4. The 5 waves are the 1st wave of a larger cycle 12345 leading up to 1M
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A question I can't seem to find the answer to;I have it as a 3 wave because if a 5 wave it would be longer than the 3 which isn't invalid but not common. I think three doesn't have to be the longest but can't be the shortest. It really doesn't matter though for charting a correction because it's either a 5 ABC like you said, where C would become 2 and the 12335 would become 1, or it's a 3 ABC to 4. The 5 waves are the 1st wave of a larger cycle 12345 leading up to 1M
I keep reading about the EW rules;
1: Wave 2 never falls below the starting point of wave 1
2: Wave 3 cannot be the shortest wave
3: Wave 4 cannot enter wave 2 territory.
The question nobody seems to answer is what if the rules are broken, what then?
- Write more rules.
Mastering Elliott Wave: Presenting the Neely Method - The First Scientific Objective Approach to Market Forecasting with the Elliott Wave Theory by Glenn Neely (1990-06-01) Hardcover
by [URL='https://www.amazon.com/Glenn-Neely/e/B0028F4GRI/ref=dp_byline_cont_book_1']Glenn Neely (Author)[/URL] - When those aren't enough, write some more.
Mastering Elliott Wave: Presenting the Neely Method: The First Scientific, Objective Approach to Market Forecasting with the Elliott Wave Theory (version 2) 2nd Edition
by [URL='https://www.amazon.com/Glenn-Neely/e/B0028F4GRI/ref=dp_byline_cont_book_1']Glenn Neely (Author), Eric Hall (Author)[/URL] - ...
This is how my (Wavebasis) software labelled the waves.
Here it is with the single ABC correction labelled. I have labelled my (A) at the wave basis (C)
It doesn't really matter. There are abc's (or wxy's) in a lower degree (time frame) between abc's on a higher time frame. EWF usually drops down to the 30m chart for entries.
(All of these were just eyeballed, not using fibs.)
Wavebasis as mentioned is working on a single correction. I usually chart out for a double correction based on BTC history...but until it validates we are on our way to 5.
The subwaves are why I think we are doing another correction before 5...we would have blasted through farther on the (sub wave)3 imo if going to 5...but 5 wave doesn't always break the 3 wave level so it might not matter anyway.
This is where fibs come into play, and you can go lower time frames. As mentioned I am not looking for an entry here so not really looking at it.
Here is if we have already reached wave 5 (1) and on the ABC correction --->(2)
I find the 3 wave is too short here.
if 4 crosses into 1. This rule is pretty subjective. I put very little effort in establishing the 1 wave...my focus is always establishing the 3 wave. If 4 crosses into 1 then I would assume I got the 3 wave wrong like in this example.
I had to look this one up on my fib data sheet...this is also showing what happens if the pattern gets invalidated by
If wave C = 161.8% of wave A, wave C can be a wave 3 of a 5 waves impulse.
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This is the problem with all you EW'ers. You're never out of excuses. It's always "if this happens, if that happens, or else if...". WTF? Ya might as well count the stars.
Even the freshest noob could make the same prediction as you: if BTC goes above 72K, it will go up to 100K; if it goes below 60K it will go lower, blah blah.
