SUMMARY
Having trouble with video saving. Will post video later.
In Elliott Wave correction, there are about 36 possible corrective combinations. That means there is less than 3% chance to get the corrective count right. For this reason, I never trade a correction and always stand aside. Here are my probable corrective price pathways for Bitcoin:
Bitcoin overnight action shows the below chart and I've labeled the a,b,c as being complete with wave c having a contracting a,b,c,d,e pattern. (the blue wave iv should be right under the red c wave).
This chart shows a price pathway where the waves a,b are complete and c has just started and is likely to put in five subwaves.
This is my primary count, where price is patterning out an a,b,c,d,e Elliott Wave triangle. This triangle is pointing downwards, so portends a bullish outcome. Note how both blue wave ii and iv are displaying pretty much the same pattern. Some might criticize this count as lacking the rule of alternation between waves ii and iv. I don't believe so, because that rule is equities derived and to me, Cryptos have their own personalities as we've seen with extended fifths, expanded flats and other Elliott Wave attributes that differe from equities. IF this count is correct amongst the less than 3% statistical chance; it would be interesteing.
This chart now shows the forward discerned price pathway once the triangle is breached to the upside. If correct, we could project blue wave v to complete. I've extended the wave (v) target to $10,600.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
Laddering Example with EOS
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.**