$BUDZ—one week of Elliott Waves for Shiba BUDZ
Updated
BUDZ is one week old on Uniswap V3. Launched on April 20 in a pair with Wrapped Ether on the Ethereum network, trading has been very successful for early buyers, but it also has been very sparse. With the presale investors still locked up in vesting period, there is very little to do on Uniswap but to buy. With low liquidity, it is not surprising that prices rise quickly.
Nevertheless, the market has already shown distinct and well formed Elliott Waves. Many don’t believe in Elliott, and especially not in thin markets, but BUDZ proves them wrong. My assignment may not be the ultimately correct one, but I challenge any one to do better. I have other models myself, but this stands out as the top candidate as of right now.
What stands out as the most potent support of this model, was that I correctly predicted the correction from the market at just the right time, in a wave two decline of exactly the proportion that a skilled Elliott waver would expect. Study the chart…
Nevertheless, the market has already shown distinct and well formed Elliott Waves. Many don’t believe in Elliott, and especially not in thin markets, but BUDZ proves them wrong. My assignment may not be the ultimately correct one, but I challenge any one to do better. I have other models myself, but this stands out as the top candidate as of right now.
What stands out as the most potent support of this model, was that I correctly predicted the correction from the market at just the right time, in a wave two decline of exactly the proportion that a skilled Elliott waver would expect. Study the chart…
Note
Some details are lost in this 15-minute chart, but not much, because some trades happen even hours apart. TradingView charts don’t print bars when no trades are reported, so the time scale is compressed during those periods. Is there a setting for that?Note
Here is the early part of the market.I am showing it for the wave assignment, as it is the only conflict that I have had with standard EWT rules.
In this upswing, in waves of Micro degree, wave three, ((3)), is the shortest of one, three, and five, by a small margin. This is against Elliott rules, where wave three is never the shortest. I have not found a way to remedy that, without disturbing other counts that seem too perfect to dismiss. Can someone help? Perhaps this is just an artifact of a poorly traded market, and for that thought, I have come to accept this deficiency in my count.
Note
The rest of the chart in one-minute bars, just for better detail.Note
The wave degrees I am using are, as usual, arbitrary at this point. Perhaps there will be a major wave completion at the end of this crypto cycle, and that I might label Cycle one, and rescale every wave now.
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