SUMMARY
When combining Chart Pattern Recognition with Elliott Waves, one begins to experience how powerful the predictive value of this algorithm becomes. If you review the past blogs, you will not miss the evidence of performance of how price pathway can be pathed out using probable outcomes analysis.
The below chart of Bitcoin (BTC) outlines the patterns we had identified during the mid day update. The a,b,c,d,e symmetrical triangle and the ascending right triangle both pointed up in price direction as well as Elliott Waves. Sure enought, these probablistic direction is taking place with now price breaching out of both of the symmetrical and ascending right triangles.
Now, let's further forward discern. I've now drawn the horizontal and rising lines of a larger ascending right triangle as shown below. This is not magic but pure probable to possible assessment. This larger ascending right triangle is actually quite common in how it follows a smaller version. The minimum price carry of is targeted for $7,360 or higher.
Now, let us further forward discern. I extend the horizontal line to the left so that now the Head & Shoulders Bottom pattern is complete. The minimum price carry is $8,016. We thus have yet another confluence of pattern and Elliott Waves that unanimously point the price move to be UP! This is how Technical Anaysis works...it's simple in concept though a bit abstract. The video has tons more details!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**