Revision: "Sometimes Revision is History" 1-Week Chart
Greetings Earthlings,
Revision is often History and this time my friends, this is a Revision of the Revision. Confusing Right... So lets dig in.
Last time I wrote a T-5300 review where BTC would dip to $5300 based on the historical late 2013-2014 pattern. This weekend I had a chance to relook that analysis and take it a step further on the weekly chart. This is the revision to that analysis.
1) So if we look at the weekly chart, the Elliott Wave to all time highs ended late Nov early Dec 2013 and then began a decent to $88 or roughly 90% decrease in overall value. However, the wave actually ends at the 85% reduction.
2) By guideline, the ABC correction "generally" ends "near" the low of Wave 4 of the previous impulse Wave. Notice in this example that upon price action meeting this criteria, the price action reverses and corrects over and above it full potential of the bullish flag created by the previous EW Impulse and ABC correction.
3) Currently, the price action of BTC on the weekly chart suggest something similar. The ABC correction ended at/near 70% (see separate post coming next) which coincides with the end of Wave 4 of the previous Impulse Wave. Now on the weekly chart, the ABC has corrected and now we are in Wave 1 of the Impulse. If history repeats itself, and it often does, BTC would correct to its full potential based on the he bullish flag created by the previous EW Impulse and ABC correction.
Look for upcoming post that presents a potential long term outlook and follow on post that suggest potential targets for educational purposes and further development of ones own analysis. Not intended for investment advice. The outlook in this analysis long term looks good.
Grade: Solid "B"
#FlintstonesGazoo #TheGreatGazoo
Gazoo: "But wait, surely there must be others more qualified than I".
Revision is often History and this time my friends, this is a Revision of the Revision. Confusing Right... So lets dig in.
Last time I wrote a T-5300 review where BTC would dip to $5300 based on the historical late 2013-2014 pattern. This weekend I had a chance to relook that analysis and take it a step further on the weekly chart. This is the revision to that analysis.
1) So if we look at the weekly chart, the Elliott Wave to all time highs ended late Nov early Dec 2013 and then began a decent to $88 or roughly 90% decrease in overall value. However, the wave actually ends at the 85% reduction.
2) By guideline, the ABC correction "generally" ends "near" the low of Wave 4 of the previous impulse Wave. Notice in this example that upon price action meeting this criteria, the price action reverses and corrects over and above it full potential of the bullish flag created by the previous EW Impulse and ABC correction.
3) Currently, the price action of BTC on the weekly chart suggest something similar. The ABC correction ended at/near 70% (see separate post coming next) which coincides with the end of Wave 4 of the previous Impulse Wave. Now on the weekly chart, the ABC has corrected and now we are in Wave 1 of the Impulse. If history repeats itself, and it often does, BTC would correct to its full potential based on the he bullish flag created by the previous EW Impulse and ABC correction.
Look for upcoming post that presents a potential long term outlook and follow on post that suggest potential targets for educational purposes and further development of ones own analysis. Not intended for investment advice. The outlook in this analysis long term looks good.
Grade: Solid "B"
#FlintstonesGazoo #TheGreatGazoo
Gazoo: "But wait, surely there must be others more qualified than I".
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