Hello and a warm welcome to this analysis on BTCUSDT On daily time frame we can see 5 waves down - Wave A from APRIL 2021 to JULY 2021 followed by Corrective abc up - Wave B from JULY 2021 to NOV 2021 which looks like a double top/horizontal B then another Minute impulse down - Wave 1 of C currently it appears to be making Wave 2 of C which could retrace till 62000-64000 to be followed by Wave 3 of C down till approx 43000. The view would be invalid if it prints a new high. Short on rallies accordingly.
hi my friend, that last bearish 12345 is an ABC i think, go on lower time frame then you can count better. maybe an ending diagonal is happening and its 4th wave is finished now, let's check it out and reply me again ♥ regards
Dinesh_C_Nagpal
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@mohammadzare53, noted. alternate for that could be abc down (A) abc up (B) and now a C down or a triangle. If this is an impulse then the current structure would be a break of 5th wave as follows 1,2,3(1) and 3(2) happening now .... this would be a mega bullish count
pejman_zwin
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thanks for sharing your idea, but when you are counting the first wave(A) of correction with 5 microwaves, the second wave (B) can not go up more than 100% Wave A, in this case, the wave B retraced about 105% Wave A. Flat (3-3-5) Is our corrective structure. anyway, that was a good try.
Dinesh_C_Nagpal
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@pejman_zwin, A corrective B wave can breach not an impulse wave 2 below wave 1 or wave 4 into wave 1. Hence we have expanded B or horizontal B waves which appear like double tops/bottoms. An expanded / Horizontal B Wave was formed in S&P in 2017-2018 technical.traders.com/tradersonline/display.asp?art=8734
pejman_zwin
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@Dinesh_C_Nagpal, what is the type of your total corrective structure? zigzag or flat, please answer my question
maybe an ending diagonal is happening and its 4th wave is finished now,
let's check it out and reply me again ♥
regards