BTC - Elliott wave Analysis from 1/8/19 - Learner's module

업데이트됨

This post is for those who wish to improve their Elliott wave analysis. Interested traders can comment their wave counts. Wave counts will be updated based on the discussion in the comments. Right or wrong, feel free to comment your wave counts. This post is only meant to learn. My wave counts can be right or wrong, as I am also a learner.

Do read my earlier post(link post shared in the related ideas below) where I analysed the bigger picture of BTC's correction.

Here are some resources for learning Elliott wave theory -
Books :
Five waves to financial freedom by Ramki N. Ramakrishnan(I am currently reading this)
Elliott wave principle by A.J.Frost and Robert Prechter
Mastering Elliott wave Principle by Constance Brown
Online :
elliottwave-forecast.com/elliott-wave-theory/
school.stockcharts.com/doku.php?id=market_analysis:introduction_to_elliott_wave_theory
school.stockcharts.com/doku.php?id=market_analysis:identifying_elliott_wave_patterns
school.stockcharts.com/doku.php?id=market_analysis:guidelines_for_applying_elliott_wave_theory
bullwaves.org/complete-guide-elliott-wave-correction-patterns/
thebalance.com/elliott-wave-tricks-to-improve-trading-4153295

노트

Updated wave counts -

노트

Wave 3 in the above chart has not topped yet.

노트

I considered the divergence of RSI and volume while fixing wave 3 top. The market can be pushed a little higher with divergence in RSI and volume.

노트

Doubts to be clarified :
1) Can a wave 3 be more than 1.618 times the length of wave 1 and wave 5 be an extended wave? Which means wave 5 will be longer than wave 3.
2) How to identify whether wave 1 is extended or not before formation of wave 3?

노트

This may be correct one

노트

Complete sentence in the above chart - If this minute wave c ends below 10200, we can consider sub wave c of wave B has been finished and wave C has started.

노트

Doubts clarified : I found these answers after further reading the book(in chapter 8)
Answer to 1st doubt : Yes
Answer to 2nd doubt : If the sub wave 3 of wave 1 is extended, then we can consider wave 1 to be an extended wave. Now this gave me another doubt.

노트

Doubt to be clarified:
3) Can we have sub wave 3 of wave 1 extended and doubt 1 at the same time?

노트

I think we should be looking at another type of wave count

노트

back to the first case -

노트

Bearish outlook -

노트

Bullish outlook - first target -

노트

Updated wave count -

노트

A breakdown is about to happen and the nearest support is at 11000 usd

노트

It found strong support at 10650 usd. Which makes it a tight consolidation just below 12000 resistance. It is about to break 12000 usd. Next target to look for -

노트

Bullish outlook -