BitcoinLong
Let's reboot subwave 5 shall we?
Let's reboot subwave 5 shall we?
So it seemed like subwave 4 of wave C of Primary Wave 2 ended yesterday, but it seems like the bulls held on a little longer - so I've updated the chart to show the new end.
The Subwave 5 has started for reals this time.
One thing Elliott wave gives us is the ability to detect waves and compare waves. The updated subwave 4 is clearly a corrective subwave and is clearly not the start of an impulse up. If you continually chart the movement of BTC and identify motive waves, impulse waves and corrective waves you provide yourself the ability to compare the behavior of the current wave to previous ones to determine if it's corrective or impulsive or part of a larger wave direction.
The best tool I use to determine wave mood is the 30 min RSI. The 30 min RSI is generally above 50 on an impulse up, and generally below 50 on an impulse down. If you look at the 30 min RSI of this subwave 4 - even though it's going up, the 30 min RSI of the wave is mostly below 50%.
if you chart previous impulse waves up, you will see the difference.
In Elliott Wave, impulse waves regularly follow channels, because the represent a particular mood quite forcefully which is represented on the chart as a channel. I've drawn a pink channel to represent Subwave A of Wave 2. The point at which Subwave A crosses the channel signals the end of the Subwave. That's a good way to determine when an impulse wave is finished.
Given that Primary Wave 2 is corrective, not impulsive so I don't expect the end of Primary Wave 2 to be determined by drawing the channel lines of Primary Wave 2 but within Primary Wave 2 (ABC), I expect A and C to follow a channel, and Subwaves 1, 3, and 5 of C to also follow a channel.
When one starts to form in Subwave 5, I will update the chart to estimate the end of Subwave 5 of C of Primary Wave 2.
So far, if you draw the channel lines of Wave C (in forest green color), you can see the bottom of the channel intersects two long term trend lines (in purple, one trends the bottom of btc price, the other trends the top of btc price). This gives a strong predictor of where the wave might end. Once a channel starts to form in this subwave 5 - if the channel lines also intersect this - then that is a quadruple convergence predictor.
So it seemed like subwave 4 of wave C of Primary Wave 2 ended yesterday, but it seems like the bulls held on a little longer - so I've updated the chart to show the new end.
The Subwave 5 has started for reals this time.
One thing Elliott wave gives us is the ability to detect waves and compare waves. The updated subwave 4 is clearly a corrective subwave and is clearly not the start of an impulse up. If you continually chart the movement of BTC and identify motive waves, impulse waves and corrective waves you provide yourself the ability to compare the behavior of the current wave to previous ones to determine if it's corrective or impulsive or part of a larger wave direction.
The best tool I use to determine wave mood is the 30 min RSI. The 30 min RSI is generally above 50 on an impulse up, and generally below 50 on an impulse down. If you look at the 30 min RSI of this subwave 4 - even though it's going up, the 30 min RSI of the wave is mostly below 50%.
if you chart previous impulse waves up, you will see the difference.
In Elliott Wave, impulse waves regularly follow channels, because the represent a particular mood quite forcefully which is represented on the chart as a channel. I've drawn a pink channel to represent Subwave A of Wave 2. The point at which Subwave A crosses the channel signals the end of the Subwave. That's a good way to determine when an impulse wave is finished.
Given that Primary Wave 2 is corrective, not impulsive so I don't expect the end of Primary Wave 2 to be determined by drawing the channel lines of Primary Wave 2 but within Primary Wave 2 (ABC), I expect A and C to follow a channel, and Subwaves 1, 3, and 5 of C to also follow a channel.
When one starts to form in Subwave 5, I will update the chart to estimate the end of Subwave 5 of C of Primary Wave 2.
So far, if you draw the channel lines of Wave C (in forest green color), you can see the bottom of the channel intersects two long term trend lines (in purple, one trends the bottom of btc price, the other trends the top of btc price). This gives a strong predictor of where the wave might end. Once a channel starts to form in this subwave 5 - if the channel lines also intersect this - then that is a quadruple convergence predictor.
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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.
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.