Goldman Sachs and I were WRONG... WRONG. -
What we thought of as Wave B of a bigger ABC Correction was IN FACT the FIRST WAVE of a new UPTREND move. - A New 5-Waves move UP !!!
The ABC correction was in fact completed when BTC dipped below 3K.
We were, therefore, waiting for a Wave C that in retrospect was already completed.
There are 3 important technical elements that confirm that.
--
1) The First is the Shape or the Pattern of Wave 1. -- It is a Rising Wedge ( or a Leading Diagonal ). -- This can almost only be seen in the Wave I or V positions.
A Wave B is almost NEVER in the form of a Wedge.
2) The Second Proof is the DEPTH of Wave II.
Wave II's Depth and Retracement is EXACTLY that of a Wave II following a Wave I that shows the pattern of a Leading Diagonal.
Obviously, it cannot be a Wave C as the Depth and retracement shown here are insufficient.
3) The third and most obvious Proof is the Breakout that occurred today on rising volume. That completely invalidated my previous Analysis and that of Goldman Sachs.
---
With a Correct Wave Count, I could have timed my entry in a much better way.
At least, I recognized my mistake soon enough to correct it in a timely matter.
What we thought of as Wave B of a bigger ABC Correction was IN FACT the FIRST WAVE of a new UPTREND move. - A New 5-Waves move UP !!!
The ABC correction was in fact completed when BTC dipped below 3K.
We were, therefore, waiting for a Wave C that in retrospect was already completed.
There are 3 important technical elements that confirm that.
--
1) The First is the Shape or the Pattern of Wave 1. -- It is a Rising Wedge ( or a Leading Diagonal ). -- This can almost only be seen in the Wave I or V positions.
A Wave B is almost NEVER in the form of a Wedge.
2) The Second Proof is the DEPTH of Wave II.
Wave II's Depth and Retracement is EXACTLY that of a Wave II following a Wave I that shows the pattern of a Leading Diagonal.
Obviously, it cannot be a Wave C as the Depth and retracement shown here are insufficient.
3) The third and most obvious Proof is the Breakout that occurred today on rising volume. That completely invalidated my previous Analysis and that of Goldman Sachs.
---
With a Correct Wave Count, I could have timed my entry in a much better way.
At least, I recognized my mistake soon enough to correct it in a timely matter.