An Elliott Wave correction combination is WXYXZ and each of these waves is divided into a ABC sub-waves which can be further divided into sub-waves of 3 or 5. This chart is biased towards an end of the bear market and maybe with one final capitulation wave down or a slow bleed
The green zone should act as a support just like in Sep 2017 when China banned exchanges and there was sudden drop, but buyers jumped in quickly at that zone
We now appear to be done with the A wave which is part of the ABC upward waves of the (iv) wave.
All these zones are actually a good buy for long-term investment (months to years)
All the best. Stay Safe.
The green zone should act as a support just like in Sep 2017 when China banned exchanges and there was sudden drop, but buyers jumped in quickly at that zone
We now appear to be done with the A wave which is part of the ABC upward waves of the (iv) wave.
All these zones are actually a good buy for long-term investment (months to years)
All the best. Stay Safe.
Note
AB are done, time for C wave up? Only confirmation is if we go above $4500 (i.e A's top)Note
I spoke too soon, B appears to be done now and C is underway. Stop loss below 3800Note
Here is the breakup of A wave (5 green waves) and B wave (Red abc waves). Note
Our 4th wave didn't playout as expected, that is why I suggested SL@3800. We now appear to be on the last leg of our journey, a short bounce and down to our support zone just above $3000Better to watch from the sidelines here
Trade closed: target reached
The bottom was in exactly where our support line was drawn ($3200+). How cool is that!Although my recent charts made me doubt that it may go lower to 3k level, but in hindsight it was just the bearish sentiment all around influencing the bias
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Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
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.