Hey TradingView Community! 👋
I'm refining my Elliott Wave analysis on ICP, and after further review, I'm now leaning towards a Major ABC Zigzag Correction playing out for ICP's long-term structure. This is a significant shift from my previous Flat idea, and it has different implications!
My Current Hypothesis: A Major ABC Zigzag Correction is in Play
Looking at the larger degree, I'm interpreting ICP's initial significant decline from its highs as Major Wave A of a larger ABC Zigzag Correction.
A standard Zigzag is a 5-3-5 wave structure:
Major Wave A: A 5-wave impulse down.
Major Wave B: A 3-wave correction (a-b-c) that retraces only a portion of Wave A (typically 38.2% to 61.8%).
Major Wave C: A 5-wave impulse down, often extending significantly below the end of Wave A.
Focusing on the Current Price Action: The Major Wave B
I believe we are currently within Major Wave B of this larger Zigzag pattern. This Major B-wave should be a 3-wave corrective bounce (a-b-c) against the prevailing downtrend.
My read on the internal structure of this Major B-wave is as follows:
'a' wave (of Major B): The initial upward move of this 'B' wave (which itself is a 3-wave corrective pattern, typically a zigzag or flat).
'b' wave (of Major B): The recent price action, including the strong pump over the last few days/weeks, appears to be the completion of the 'b' wave within Major Wave B. This 'b' wave, being a part of a corrective B-wave, would be a 3-wave counter-trend move against the direction of 'a'.
'c' wave (of Major B): If my count holds, we are now either starting or are very early into the 'c' wave of Major Wave B. This 'c' wave, if it conforms to a zigzag structure, should be a downward-moving 5-wave impulse. This implies a decline to complete the Major B-wave, before the larger Major C-wave unfolds.
Key Difference from the Flat Scenario:
In a Zigzag, the 'B' wave is a corrective pullback that does not retrace significantly (unlike a Flat where it can be 80-100%+). Also, the 'c' wave within the 'B' wave of a Zigzag is typically a 5-wave move in the opposite direction of the 'a' wave.
What Happens Next? (The Big Picture After Major B)
If this Major B-wave (composed of its internal a-b-c corrective pattern) successfully completes its downward journey (with the 'c' wave I'm anticipating), my analysis suggests we should then anticipate the start of Major Wave C of the larger Zigzag correction.
Major Wave C in a Zigzag is typically a powerful, impulsive 5-wave decline, often taking prices significantly below the lows of Major Wave A. This implies a potentially steep decline for ICP to complete the overall correctional pattern.
Crucial Invalidation Point! 🚩
As always, invalidation levels are paramount for risk management.
My primary count for this Major B-wave as a corrective structure is invalidated if:
ICP breaks significantly start level of the 'a' wave of Major B. If 'B' retraces too much of 'A', it breaks the typical Zigzag rule.
What are your thoughts, community?
Do you agree with this shift to a Major Zigzag correction?
Are you seeing the same internal structures for the 'B' wave?
What key levels are you watching for ICP given this potential scenario?
Let's discuss respectfully and help each other gain better insights into ICP's future movements!
#ICP #InternetComputer #ElliottWave #TechnicalAnalysis #CryptoTrading #PricePrediction #TradingView
I'm refining my Elliott Wave analysis on ICP, and after further review, I'm now leaning towards a Major ABC Zigzag Correction playing out for ICP's long-term structure. This is a significant shift from my previous Flat idea, and it has different implications!
My Current Hypothesis: A Major ABC Zigzag Correction is in Play
Looking at the larger degree, I'm interpreting ICP's initial significant decline from its highs as Major Wave A of a larger ABC Zigzag Correction.
A standard Zigzag is a 5-3-5 wave structure:
Major Wave A: A 5-wave impulse down.
Major Wave B: A 3-wave correction (a-b-c) that retraces only a portion of Wave A (typically 38.2% to 61.8%).
Major Wave C: A 5-wave impulse down, often extending significantly below the end of Wave A.
Focusing on the Current Price Action: The Major Wave B
I believe we are currently within Major Wave B of this larger Zigzag pattern. This Major B-wave should be a 3-wave corrective bounce (a-b-c) against the prevailing downtrend.
My read on the internal structure of this Major B-wave is as follows:
'a' wave (of Major B): The initial upward move of this 'B' wave (which itself is a 3-wave corrective pattern, typically a zigzag or flat).
'b' wave (of Major B): The recent price action, including the strong pump over the last few days/weeks, appears to be the completion of the 'b' wave within Major Wave B. This 'b' wave, being a part of a corrective B-wave, would be a 3-wave counter-trend move against the direction of 'a'.
'c' wave (of Major B): If my count holds, we are now either starting or are very early into the 'c' wave of Major Wave B. This 'c' wave, if it conforms to a zigzag structure, should be a downward-moving 5-wave impulse. This implies a decline to complete the Major B-wave, before the larger Major C-wave unfolds.
Key Difference from the Flat Scenario:
In a Zigzag, the 'B' wave is a corrective pullback that does not retrace significantly (unlike a Flat where it can be 80-100%+). Also, the 'c' wave within the 'B' wave of a Zigzag is typically a 5-wave move in the opposite direction of the 'a' wave.
What Happens Next? (The Big Picture After Major B)
If this Major B-wave (composed of its internal a-b-c corrective pattern) successfully completes its downward journey (with the 'c' wave I'm anticipating), my analysis suggests we should then anticipate the start of Major Wave C of the larger Zigzag correction.
Major Wave C in a Zigzag is typically a powerful, impulsive 5-wave decline, often taking prices significantly below the lows of Major Wave A. This implies a potentially steep decline for ICP to complete the overall correctional pattern.
Crucial Invalidation Point! 🚩
As always, invalidation levels are paramount for risk management.
My primary count for this Major B-wave as a corrective structure is invalidated if:
ICP breaks significantly start level of the 'a' wave of Major B. If 'B' retraces too much of 'A', it breaks the typical Zigzag rule.
What are your thoughts, community?
Do you agree with this shift to a Major Zigzag correction?
Are you seeing the same internal structures for the 'B' wave?
What key levels are you watching for ICP given this potential scenario?
Let's discuss respectfully and help each other gain better insights into ICP's future movements!
#ICP #InternetComputer #ElliottWave #TechnicalAnalysis #CryptoTrading #PricePrediction #TradingView
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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.