Deuce drop in...

BITSTAMP:BTCUSD   Bitcoin / Dollar
1322 9
This is nice structure for a wave-2, of wave-5, of Wave-3. Got it? Good. Sure, this "could" be a false break out and we'd retrace back to the $34 hundreds but a look at the length and structure of the larger degree wave-2 compared to wave-4 suggests that the 5th wave of 3 is not complete yet. Easier to see than to write ;)

A touch of the median line coincides with the 50% retracement for what I'm labeling wave-2 of 5 and gives more structure to the trade. The stop needs some room. If we start to go deeper than the 61.8% the $4,000 round number magnet effect may start to play a factor. My suggestion is a stop below the 78.6 to give it plenty of room. Up side is to targets to just under $5,000. Choose your size according to your risk tolerance and account size. If this count is invalidated and stops are hit... there will be a larger retracement on the daily you won't wont to miss because you burned your fingers on this play... My entry is just above the median line .
Crypto Trading and Education -
Spot on
Hi, my first thing to say is I've been following you for a while and I greatly appreciate you sharing thoughtful your market views. So... thank you!

Next question: so you rule out the chance that it might be still in wave-4 of bigger wave-3 and developing an irregular correction, of which wave C that runs 138.2% of wave A will take us right to 38.2% level of previous wave-3 (of 3) and lower channel line around 3650?

Reason I'm saying that cause there's a divergence building up btw the last 2 peaks.
+1 Antworten
tradedevil PhilHuynh
@PhilHuynh, Hi there; thanks for the nice words... to your comments; Of course, the thing about E-wave analysis is that it's only a potential road map. It can change quickly. Sure it's possible to see the irregular correction. But then... it's labeled as irregular for a reason ;) I had the count as you're suggesting until we put in the new high in a 5 wave structure. That's what has me labeling this as wave-1 of 5. Where this pull back stops will be the next clue... the tag of the median line is a key piece to my premise. If we bounce on that... I add more to my position as it gives me more confidence that the count and the structure are aligned.
+1 Antworten
Very complex explanation
What a mess... can't read such over written charts
@jaglion, Click the plus sign and open it up. Not that hard...
+2 Antworten
thanks @tradedevil, not a mess if you know what to look for..
+1 Antworten
gronndal jaglion
Analysis trumps aesthetics ^_^
thetazeta jaglion
@jaglion, if you don't know how to read it why are you wasting your time commenting? Read Frost and Prechter's Elliott Wave Principle, then come back and try again.

@tradedevil, thanks for the great work as always.
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