I've posted nearly the same chart two other times today. I don't think it's wise to trade this week with considerable risk given uncertainty regarding the FOMC and the CPI. However, Elliot Wave analysis does present some clues, if, if, if it can be correctly discerned. I have not taken the time to zoom into sub time frames to confirm this combination. However, I do think a subsequent 5th wave has not yet happened. On BTC, I'm less confident. Any way.
Note
I think we're close to done. Too risky to stay in to tap the target. A dovish FOMC will prob. add for chop. My best guess is that we go down to the $1200 level, with a zig-zag chop.Trade closed manually
Note
Looking again at how I was counting these corrective waves, I realize that although I might be able to count 11 waves (of the same order) within that WXY, I did not label the sub waves correctly. I'm far from being able to identify and label complex corrections.
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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.