How to evolve your wave count a midst the Zombie Apocolapse
My last published chart posed the question "is bitcoin in a terminal?" ...it looks like the answer is no (analysis has been too spot on recently oh well can't win em all). But really, good analysis isn't about always being right. Spend enough time in markets and u will learn this.
Anyway, so from an elliot perspective, what does that mean? What do we do next. Above are my thoughts. To sum it up, advanced logic rules would dictate that post terminal price action did not conform, not to mention we had a full retrace. With that said, still no reason to doubt the greater assumption we finishing wave 2. In fact I think there's a good chance we pretty much just did that considering how incredibly overextended low time frames are, and that we have reached channel support on this presumed wxy correction. Is it possible (given the wave 2 presumption is correct and Ithink it is) that wxy turns into wxyz? Sure, it's possible, but I think that is unlikely. Regardless, it's pretty simple how we look at it going forward--in two respects:
-what we shouldn't see: a convincing break of the new 0-2 trendline indicating the correction will be drawn out or whole count is off
-what we should see: a break out of the b-b channel to the upside
Anywhoo. Chup I still think we are about to go to 500k. This drop and the incredibly bullish fundamental backdrop for bitcoin just don't really reconcile. I'd say this is a typicaly shake out more than most (even I) expected before the bubble in an illiquid market/forced liquidations related to the greater interconnectedness of the macro picture which can only last so long. But wtf do I know? Is there any scenario that does not end in the fed printing (yet again) unprecedented amounts of money? Me thinks not.
As always Truth Social Network URL stamp will be provided upon publishing. Gluck, stay safe out there.
621387,3088 1804876,246
Anyway, so from an elliot perspective, what does that mean? What do we do next. Above are my thoughts. To sum it up, advanced logic rules would dictate that post terminal price action did not conform, not to mention we had a full retrace. With that said, still no reason to doubt the greater assumption we finishing wave 2. In fact I think there's a good chance we pretty much just did that considering how incredibly overextended low time frames are, and that we have reached channel support on this presumed wxy correction. Is it possible (given the wave 2 presumption is correct and Ithink it is) that wxy turns into wxyz? Sure, it's possible, but I think that is unlikely. Regardless, it's pretty simple how we look at it going forward--in two respects:
-what we shouldn't see: a convincing break of the new 0-2 trendline indicating the correction will be drawn out or whole count is off
-what we should see: a break out of the b-b channel to the upside
Anywhoo. Chup I still think we are about to go to 500k. This drop and the incredibly bullish fundamental backdrop for bitcoin just don't really reconcile. I'd say this is a typicaly shake out more than most (even I) expected before the bubble in an illiquid market/forced liquidations related to the greater interconnectedness of the macro picture which can only last so long. But wtf do I know? Is there any scenario that does not end in the fed printing (yet again) unprecedented amounts of money? Me thinks not.
As always Truth Social Network URL stamp will be provided upon publishing. Gluck, stay safe out there.
621387,3088 1804876,246
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