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

Bitcoin / TetherUS (BINANCE:BTCUSDT)

업데이트됨

BINANCE:BTCUSDT Bitcoin / TetherUS

waveanalysis trendanalysis elliotwaveanalysis learningtrading

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 :

코멘트:

Updated wave counts -

코멘트:

Wave 3 in the above chart has not topped yet.

코멘트:

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.

코멘트:

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?

코멘트:

This may be correct one

코멘트:

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.

코멘트:

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.

코멘트:

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

코멘트:

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

코멘트:

back to the first case -

코멘트:

Bearish outlook -

코멘트:

Bullish outlook - first target -

코멘트:

Updated wave count -

코멘트:

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

코멘트:

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 -

코멘트:

Bullish outlook -