SUMMARY
Note: Video has lots more details!
Nobody should be surprised by this correction! I had spoken of it in my posts for the past several days and drew out the ABC correction waves. Below is the updated chart of Ethereum (ETH) which had the baton and was leading Bitcoin (BTC) but now that phase is no longer phasic (details in video on this). The likely ABC correction could be towards the 0.618 Fib level as there is a cluster of support (blue circle). However, the 0.5 is also a candidate for C wave target given the larger cluster of support (white). The point is not in precision marking the bottom but identifying the terminal zone of the correction as these are almost always the best buy entry points.
Bitcoin (BTC) was following ETH's lead but that lead became non-phasic overnight. The updated Elliott Waves show that the ABC correction is also well in progress and seems to be in correlation with ETH rather than behind. The blue circle cluster could represent a potential target for red C wave.
Let's never lose focus of the longer term. The short term charts all jive into the longer term. What has changed so far in the below chart? Not much except that the right wall build has progressed a bit. The Cup formation should bring prices to the $11,800 region where BTC was repelled three times before and likely will get repelled once more. This would lead to the ABC correction for the handle formation. However, the massive downward wedge combined with the bullish Cup & Handle; when these are complete and confirmed; an explosive bull setup will be in place.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
