Phew! After a nail biter of an extended B, on with C.
In my very first TV post ever, I made the mistake of trying to call the top of the most hyped out B leg in history. Was... Shi**ing.... BRICKS for a minute there!
Turns out I don't need to delete my first post in total discrace and shame. Lol
All good now though.
The weekly chart shows a close in a nice shooting star doji, so onward and downward for the C.
I still haven't learned enough to draw future Elliot with precision yet, but I seem to get close enough.... Must keep learning!
Education is Key!
In this chart, I have directly copy and pasted the 5 waves down from the April-July A leg dump across to now.
As you can see, things look pretty compelling.
Significant POC's are at 56, 48, & 34k.
If the current wave 1 of the C leg decides to drop all the way to the POC at 47-48K (same as last time) it could get interesting.
The 47-48k area will not only see heavy horizontal support from MAR, MAY & SEP, but also from the trend line touched twice on the B leg in AUG & OCT.
A 3rd tap on that support / trend line, combined combined with the completion of wave 1, could see a big bounce back up to test resistance at 55-65k.
This would make for a very, very juicy wave 3 of the C indeed.
So where's the bottom?
Nooooo no no no. I'm not going to call it this time :)
" There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can't get fooled again. ”
― George W. Bush
If we follow the waves and follow previous action, the information speaks for it's self, but there could be a low at support, as seen in JUL.
Otherwise, there is significant reasoning to expect much much lower over years to come (yes years).
Almost every previous parabolic movement from BTC has ended in a return to the previous formation's low (or lower) after a long bear market reset.
All the larger time frame indicators are totally cactus too.
The daily, weekly & monthly charts all show evidence of a much lower reset than most of us might expect.
Lets see what happens.
Be careful.
P.S,
This great post from Bit Fink shows and describes the Wyckoff situation we're in quite clearly too...
Thanks Fink!
Take it easy ;)
Turns out I don't need to delete my first post in total discrace and shame. Lol
All good now though.
The weekly chart shows a close in a nice shooting star doji, so onward and downward for the C.
I still haven't learned enough to draw future Elliot with precision yet, but I seem to get close enough.... Must keep learning!
Education is Key!
In this chart, I have directly copy and pasted the 5 waves down from the April-July A leg dump across to now.
As you can see, things look pretty compelling.
Significant POC's are at 56, 48, & 34k.
If the current wave 1 of the C leg decides to drop all the way to the POC at 47-48K (same as last time) it could get interesting.
The 47-48k area will not only see heavy horizontal support from MAR, MAY & SEP, but also from the trend line touched twice on the B leg in AUG & OCT.
A 3rd tap on that support / trend line, combined combined with the completion of wave 1, could see a big bounce back up to test resistance at 55-65k.
This would make for a very, very juicy wave 3 of the C indeed.
So where's the bottom?
Nooooo no no no. I'm not going to call it this time :)
" There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can't get fooled again. ”
― George W. Bush
If we follow the waves and follow previous action, the information speaks for it's self, but there could be a low at support, as seen in JUL.
Otherwise, there is significant reasoning to expect much much lower over years to come (yes years).
Almost every previous parabolic movement from BTC has ended in a return to the previous formation's low (or lower) after a long bear market reset.
All the larger time frame indicators are totally cactus too.
The daily, weekly & monthly charts all show evidence of a much lower reset than most of us might expect.
Lets see what happens.
Be careful.
P.S,
This great post from Bit Fink shows and describes the Wyckoff situation we're in quite clearly too...
Thanks Fink!
Take it easy ;)
