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BTC Week 2 Analysis—October 2023Disclaimer: Please be aware that the information provided in this article is for educational and informational purposes only. It should not be considered financial advice. Trading and investing in financial markets carry inherent risk, always conduct your own research and, if necessary, consult a qualified financial adviser prior to making any investment decisions. Introduction: Welcome to our BTC Weekly Analysis for October, Week 2, 2023. This analysis offers continued insight into BTC price action, committed to providing an unbiased Elliott Wave Theory (EWT) analysis for the greater trading community. Our objective is to offer valuable insights that complement your own analysis, empowering you to make well informed trading decisions. Primary Assumption: Our October, Week 2, analysis builds upon the data presented in our Week 1 Analysis. During the correction, which we initially assumed to be Minutte Wave 4, we identified three significant errors in our count, subsequently confirming that the correction was Minute Wave 4. To get a detailed account of this correction, click the chart bellow. Consequently, we maintain that the count established during the Minute Wave 4 correction remains valid. Therefore, we have established a second count invalidation point at which we believe to be the beginning of Minute Wave 5. Weekly Analysis: Our weekly analysis takes place on a compressed 15 Minute time frame. In our previous weekly analysis, we anticipated a complex correction after an Extended Wave 3 and Wave 5, ultimately leading to Wave 5 forming as an Expanding Ending Diagonal. To summarize from the completion of Minute Wave 3, Minutte Wave W unfolded as a Zig Zag correction, with an Expanding Triangle for Micro Wave B. Following this, an Impulse pattern emerged but failed to establish a new trend, signifying the commencement of the first Minutte Wave X. Price action then shaped a second Zig Zag, with an Expanding Triangle forming as Micro Wave B, and Sub Micro Wave E. Following the conclusion of this second Zig Zag, price action Impulsed once again but failed to initiate a new trend. Instead, it formed a Contracting Triangle, marking the end of the second Minutte Wave X. As market fear intensified, price action Impulsed down, effectively concluding Minutte Wave Z, marking the completion of Minute Wave 4, with price now residing in Minute Wave 5. Minute Wave 5 commenced as an Impulse with an Expanded Wave 3 for form Minutte Wave 1. Minutte Wave 2 revealed market uncertainty as it evolved into a complex correction, with Micro Wave W forming a Zig Zag. Price action Impulsed upon completion failing to establish a new trend, instead, forming as an Expanding Triangle, completing the first Micro Wave X. Micro Wave Y assumed the form of a Zig Zag correction, with price action subsequently experiencing two impulses in opposite directions, completing the second Micro Wave X and Micro Wave Z of the correction, concluding Minutte Wave 2. Minutte Wave 3 began with a 1-2, 1-2, 1-2 pattern, resulting in an Expanded Wave 3 within an Expanded Wave 3, of Sub Minutte Wave 1. The correction that took place upon the completion of Micro Wave 3 became an Expanded Flat, with Wave B extending beyond the endpoint of Micro Wave 3. On completion of the the Expanded Flat price action Impulsed into the completion of Sub Minutte Wave 1, with price action now residing in Sub Minutte Wave B of Minutte Wave 2. Forecast: While predicting future price action is an ambitious endeavor, adhering to EWT rules and guidelines allows us to make informed assumptions about what price action may do. Currently, we assume that price action resides in Micro Wave B of Sub Minutte Wave 2. Our hypothesis suggests that price action is in the process of forming a Triangle, with Wave D yet to complete, indicating the ongoing development of Sub Minutte Wave 2. Once the Triangle is fully formed, it will signal the conclusion of Micro Wave B, leading to an Impulse to finalise Micro Wave C and Sub Minutte Wave 2. Employing standard Contracting Triangle measurements, we can anticipate the price action target to align with the typical measurements for Wave 2, with a projected bottom approximately around the Yellow 0.707 level indicated on the chart. Upon completing Sub Minutte Wave 2, price action will Impulsie into Micro Wave 1 of Sub Minutte Wave 3. Following a five-wave impulse, which may coincide with the Weekly candle high, price action will form a Zig Zag correction, guided by the Law of Alteration. This correction is expected to carry us through to the end of October Week 3. Conclusion: In conclusion, our EWT analysis for Week 2 has illuminated the evolving structure of BTC price action, building on the previous weeks observations. While predicting future market movements is inherently uncertain, our analysis points to a potential path for BTC price action. Stay vigilant and use this analysis as a valuable tool to complement your trading decisions.
BITSTAMP:BTCUSD
by JMSBurton
How to Count Waves Using Chart Patterns?We can count waves using traditional patterns like Head and shoulders, Double Top and Bottom, Triangle, cup & handle, etc. This article is about how you can count waves by identifying chart patterns. I have covered Three chart patterns in this article, 1) Triangles 2) Head and shoulders 3) Double Top and Bottom 1) Head and shoulders: In addition, the two lows formed when the price failed to rise and fell back down were basically at the same level. The horizontal line is often referred to as the "neckline" When the price fails to fall back for the third time neckline will break. So "head and shoulders" was officially established. Changes in volume with head and shoulders: During the formation of "head and shoulders", the left shoulder has the largest volume, the Head has a slightly smaller volume, and the right shoulder has the smallest volume. The phenomenon of diminishing trading volume shows that when the stock price rises, the chasing force is getting weaker and weaker, and the price has the meaning of rising to the end. Operation plan after the Head and shoulders appear: When the head and shoulders formed, you can decisively follow up the short order. The formation of the head and shoulders indicates the beginning of a new round of decline in the market, and the minimum drop is the distance from the head to the neckline. The profit is very substantial. Therefore, studying the formation of the Head and Shoulders is also a necessary analysis process for band enthusiasts. Wave Count: The left shoulder: wave 3/A. The first touch on the neckline: wave 4/B Head: wave 5/C The second touch on the neckline: wave A/1 The right shoulder: wave B/2 The ending point of the right shoulder: wave C/3 2) Triangles: These are the most commonly used triangle patterns. In this motion, we are going to understand the triangle in terms of the Elliot wave. We'll be talking about the classical triangle pattern in an upcoming educational series. Wave Count: A triangle forms in corrective waves. There are Four corrective waves in Elliott wave theory. The corrective waves are 2,4, B, and X. There are four waves in a triangle which are A, B, C, D, E. The starting point of wave A of the triangle is the ending point of impulsive wave 1/3/A/W. After the completion of wave E of wave 1/3/A/W, the Impulsive wave will initiate. 3) Double Tops and Bottom: In the chart, you can sometimes see the stock price fluctuations. The stock price fell back after reaching the highest price. After some sorting, it rose again to near the previous stock price level and then fell back. Two "normally highs" The high point is formed on the circuit diagram and will not be seen again in the short term. Wave Count: In a Bull market, The first Top of the pattern represents the completion of the impulsive wave. The ending point of the Impulsive wave is the starting point of the corrective wave. I started the wave count from the first Top and labeled it as A, B, and C waves. In a Bear Market, The first Bottom of the pattern represents the completion of the impulsive wave. The ending point of the Impulsive wave is the starting point of the corrective wave. I started the wave count from the first Bottom and labeled it as A, B, and C waves. After wave C is complete, we can ride the impulsive waves.
NASDAQ:TSLAEducation
by forextidings
3
Predicting the bottom of AvalancheAVAX/USDT.P on BYBIT Looks like the W-X-Y pattern is coming to an end and we will try to predict the bottom as best we can to catch a swing trade of wave C or even a 3 and a new rally. If the count is right and the weekly support level at 13.910 does not hold, a one to one (of the W-X-Y) price target will be next. We could speculate the weekly level then will serve as a SR flip to confirm the start of the last wave 5. Watch out for the weekly bar ending as a spinning top or doji for a bullish reversal up to wave 4 of 3 of C of Y in the last zig zag. Risk For me the stop level would be either right under weekly level at 12.180 or at the low of 10.535 also giving a double bottom setup. If we se it go all the wave to the high of wave A we could se a Risk/Reward ratio at a proximally 6. Targets First target for locking in profit would be the weekly level at 13.910 then we have the point of control for the whole correction at 17.285 and the high of A or 1 at 22.795. Avalanche Market Cap Avalanche market cap is now ricing to $4,741,712,576 and as of writing the trading volume (24h) is $132,773,075. Conclusion I will continue watching the price action on Avalanche and if it will continue to decline and unfold in way similar to the predicted pattern. It could be an interesting swing trade to the upside for a low risk.
Long
by Ingvar77
💸U.S.Dollar Index, 1792 to date●● Preferred count ◉ U.S. Dollar Currency Index (DXY), 🕐TF: 1M Fig.1 The counting of long-term waves has not changed. I still think that there is still a possibility of a correction to the area of the previous wave (IV) . On the other hand, of course, it should be understood that the fourth waves in most cases form lateral corrections with an overlap and do not always reach the area of the previous fourth. And is it a wave ((IV)) at all? I am sure that as the structure develops at lower time intervals, hints will appear and the least likely scenarios will be cut off. _______________________________________ ◉ TVC:DXY , 🕐TF: 1W Fig.2 In the meantime, we can make an assumption that the wave structure of wave c becomes more complicated to a double zigzag with a triangle in the sub-wave Ⓧ , but the combination and the flat are also not excluded. On the six-hour chart, the sub-wave Ⓧ in the form of a flat will be marked in black . _______________________________________ ◉ TVC:DXY , 🕐TF: 1D Fig.3 We were able to predict the completion of wave (B) and the subsequent reversal in wave (C) with high accuracy. Wave (C) is expected to take the form of a single zigzag subdividing into diagonal A and impulse C . The target may be the lower boundary of the ascending channel. _______________________________________ ◉ TVC:DXY ,🕐TF: 6h Fig.4 For you, my dear readers, I can suggest a few trading setups that will appear in the near future: The completion of diagonal A is a signal in favor of fixing a short position. Aggressive trading setup for opening a long position with a protective stop loss at the level ((v)) > ((iii)) . The completion of the subsequent wave B (preferably in the form of a triangle) is a trading setup for opening a short position. _______________________________________ _______________________________________ ●● Alternative count ◉ TVC:DXY ,🕐TF: 1W Fig.5 The option of counting wave Ⓧ in the form of a flat ( color marking) we have already discussed earlier. On this chart, it would be more correct to focus on an alternative marking, which suggests considering wave (b) of the supercycle degree from the position of the completed running flat a-b-c , in which wave c is an impulse ①-②-③-④-⑤ . A confident breakdown of the upward channel down can serve as a good signal in favor of this hypothesis. ______________________________________________ 📚 Elliott Wave Guide & Ellott Wave Archive ⬇️⬇️⬇️⬇️
TVC:DXY
by TradeWaves-EWA
2
Price predictions for MATIC. Are you Bullish on Polygon?My primary expectation for Matic is one more low in a wave five of the wave c. However it has done a lower low so we could technically go up up from here and nearly hit the 50% fib which is an ideal retracement for a lager wave 2. If we are in the wave 4 still before wave down in the wave C. We could comedown between 0.6867 all the way down to 0.4587 in a wave 2. If we come down any further I will be laddering buy orders down to 0.45 cent. Just remember it reversing in this area is not guaranteed but I think its very likely. If we do reverse to the upside the wave 3 targets would be 1.41 to 1.86 which is 90 to 150% from where we are now. :)
MLong
by Luckyjimbob111