I'm still learning this thing y'all. My last chart posted uses the same math, but this one makes a little more sense ( and looks a bit prettier!).
With volume dropping, and clear support on the 10444 top fib line, I can see this continuing to shake and roll in this little channel. If BTCUSD decides to get it's act together, we can get a lift to the 5th extension through the red sell zone. Right now, the numbers have flattened out.
I'm doing this for my own education, not as advice, and taking notes to look back on and learn from. I'm sure this will surprise me somehow!
@baatjes11, Thank you! Like I said, I'm still very new and learning. This is exactly why I decided to post a couple things: 1. To see where my thinking was right/wrong. 2. Open it up to criticism from those know more than me.
Can you elaborate on this? What do you mean by overlap?
baatjes11
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@foulmouthmuggle, yeah also relatively new to Elliot wave as well! As outlined in the Elliot wave principle Book, for an impulse wave (5 wave move), there are 3 “cardinal” rules. 1. Wave 2 can never retrace 100% of wave 1, 2. Wave 3 can never be the shortest wave. 3. Wave 4 can never enter the price territory of wave 1. In your chart, wave 4 enters the price territory of wave 1.
foulmouthmuggle
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@baatjes11, Yes! I was actually watching a video tutorial on EW Theory today and it went over this in vivid detail. Thought of your comment and it all came together. Thank you so much for taking the time to respond and map that out for me. Good luck in your education!