$BTC ๐ โ 07/27/2022 #WaveRecount
$BTC ๐ โ 07/27/2022 #WaveRecount - ๐ธ ๐จ
๐ Let me first say, #ElliotWaveTheory wave counting is #subjective. When rules are invalidated by price action, you simply pick yourself up, brush yourself off, and you revise the wave count (recount) accordingly.
๐In this case, upon release of the #Feds decision to #hike the interest rates by another 0.75 #percentage #points. The #DXY (US Dollar Currency Index) , plummeted meanwhile #stocks #indexes #cryptocurrencies rallied.
โ ๏ธ For $BTC specifically, I am subjectively considering the overall corrective wave B (in black) finished; as the break-and-close above $22,264.81, represents a #BreakOfStructure and invalidates the idea of an extended corrective wave c (in blue).
๐ We are now currently working on corrective wave C (in black), which is #bullish impulse wave of 5 swings. Therefore, I recounted the waves and relabeled them accordingly (see the updated screenshot).
๐ฏ As we are already in Impulse Wave i (in blue), we could enter ('Buy Positions') on the completion of corrective wave ii (in blue) after either 3-7-11 swings down.
โ If you thought this was helpful or insightful: Follow, Like, or Share โ๐พ #PublicCommunity
๐ View My Chart:
โ ๏ธ This is not investment or financial advice; Anytime you enter the #markets, you fully accept the #implications at your own riskโ๏ธ
#longterm #learning #makingmoneymoves #invest #strength #buildandgrow #breakingnews #crypto #cryptowinter #ElliottWave #FedReserve #StrongDollar #FOMC
๐ Let me first say, #ElliotWaveTheory wave counting is #subjective. When rules are invalidated by price action, you simply pick yourself up, brush yourself off, and you revise the wave count (recount) accordingly.
๐In this case, upon release of the #Feds decision to #hike the interest rates by another 0.75 #percentage #points. The #DXY (US Dollar Currency Index) , plummeted meanwhile #stocks #indexes #cryptocurrencies rallied.
โ ๏ธ For $BTC specifically, I am subjectively considering the overall corrective wave B (in black) finished; as the break-and-close above $22,264.81, represents a #BreakOfStructure and invalidates the idea of an extended corrective wave c (in blue).
๐ We are now currently working on corrective wave C (in black), which is #bullish impulse wave of 5 swings. Therefore, I recounted the waves and relabeled them accordingly (see the updated screenshot).
๐ฏ As we are already in Impulse Wave i (in blue), we could enter ('Buy Positions') on the completion of corrective wave ii (in blue) after either 3-7-11 swings down.
โ If you thought this was helpful or insightful: Follow, Like, or Share โ๐พ #PublicCommunity
๐ View My Chart:
โ ๏ธ This is not investment or financial advice; Anytime you enter the #markets, you fully accept the #implications at your own riskโ๏ธ
#longterm #learning #makingmoneymoves #invest #strength #buildandgrow #breakingnews #crypto #cryptowinter #ElliottWave #FedReserve #StrongDollar #FOMC