BTC - Elliott wave Analysis from 1/8/19 - Learner's module

Updated

This post is for those who wish to improve their Elliott wave analysis. Interested traders can comment their wave counts. Wave counts will be updated based on the discussion in the comments. Right or wrong, feel free to comment your wave counts. This post is only meant to learn. My wave counts can be right or wrong, as I am also a learner.

Do read my earlier post(link post shared in the related ideas below) where I analysed the bigger picture of BTC's correction.

Here are some resources for learning Elliott wave theory -
Books :
Five waves to financial freedom by Ramki N. Ramakrishnan(I am currently reading this)
Elliott wave principle by A.J.Frost and Robert Prechter
Mastering Elliott wave Principle by Constance Brown
Online :
elliottwave-forecast.com/elliott-wave-theory/
school.stockcharts.com/doku.php?id=market_analysis:introduction_to_elliott_wave_theory
school.stockcharts.com/doku.php?id=market_analysis:identifying_elliott_wave_patterns
school.stockcharts.com/doku.php?id=market_analysis:guidelines_for_applying_elliott_wave_theory
bullwaves.org/complete-guide-elliott-wave-correction-patterns/
thebalance.com/elliott-wave-tricks-to-improve-trading-4153295

Note

Updated wave counts -

Note

Wave 3 in the above chart has not topped yet.

Note

I considered the divergence of RSI and volume while fixing wave 3 top. The market can be pushed a little higher with divergence in RSI and volume.

Note

Doubts to be clarified :
1) Can a wave 3 be more than 1.618 times the length of wave 1 and wave 5 be an extended wave? Which means wave 5 will be longer than wave 3.
2) How to identify whether wave 1 is extended or not before formation of wave 3?

Note

This may be correct one

Note

Complete sentence in the above chart - If this minute wave c ends below 10200, we can consider sub wave c of wave B has been finished and wave C has started.

Note

Doubts clarified : I found these answers after further reading the book(in chapter 8)
Answer to 1st doubt : Yes
Answer to 2nd doubt : If the sub wave 3 of wave 1 is extended, then we can consider wave 1 to be an extended wave. Now this gave me another doubt.

Note

Doubt to be clarified:
3) Can we have sub wave 3 of wave 1 extended and doubt 1 at the same time?

Note

I think we should be looking at another type of wave count

Note

back to the first case -

Note

Bearish outlook -

Note

Bullish outlook - first target -

Note

Updated wave count -

Note

A breakdown is about to happen and the nearest support is at 11000 usd

Note

It found strong support at 10650 usd. Which makes it a tight consolidation just below 12000 resistance. It is about to break 12000 usd. Next target to look for -

Note

Bullish outlook -

Note

Bullish outlook -

Note

The above chart is a bearish outlook

Note

If breaks above 11800 usd, not going to see prices below it for a while

Note

Now zoom in

Note

I think I should have waited for the wave b to form completely -

Note

In the above, I showed the possibility of an ABC correction instead of an ABCDE correction

karthiksai

Related publications

Do not judge this idea by its title

by karthiksai

Bear case scenario - Elliott wave analysis

by karthiksai

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.