BitFink's Trick For Finding Targets
BitFink posted a very clever way to use RSI divergence on long term BTC to find tops and bottoms of the macro 4 year structure:
I was looking at using this on shorter time frames and it seems like it's especially useful for finding the exit in conjunction with an elliot count. In this example once you have your 4 wave candidate you can look at the symmetry on RSI Divergence to find about where it's looking like wave 5 ends.
Targets are usually the hardest thing for me so this is very useful. It seems like using this for entries might be a little unclear since it's selecting the crossovers in the middle where RSI is the most choppy.
My favorite elliot location to enter is on the 4 wave anyway so this will be a great tool to use going forward.
I was looking at using this on shorter time frames and it seems like it's especially useful for finding the exit in conjunction with an elliot count. In this example once you have your 4 wave candidate you can look at the symmetry on RSI Divergence to find about where it's looking like wave 5 ends.
Targets are usually the hardest thing for me so this is very useful. It seems like using this for entries might be a little unclear since it's selecting the crossovers in the middle where RSI is the most choppy.
My favorite elliot location to enter is on the 4 wave anyway so this will be a great tool to use going forward.
Note
Similar idea with fisher transform on long term chart
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.