This is NOT solid TA. I am publishing this so that I can track my progression. This is based solely on Elliot Waves and Fib. I will continue to integrate other factors (volume, indicators, candlesticks, etc.) as I progress. I made a few charts yesterday but they were all gone when I woke up. This is so that I can have a record of them. I made this yesterday at the bottom of 4.
Well if it's worth any consolation I agree with your Elliot Wave count.
I'm not 100% sure we hit the end of 4 yesterday but it's very possible. If so then we're in the first of a 5 count wave going up.
OrunmilaDjehuti
⋅
@Jason_Bitcoin, Thanks for the input. The wave 5 is not fully accurate tho. According to Haejin wave 5 is usually the extended wave for cryptos. So far I agree with him based on the charts I've been studying so far. Again, I'm a rook, but I study TA for hours daily.
Jason_Bitcoin
⋅
@OrunmilaDjehuti, Same! I would agree with you as well. Not sure if you've ever seen Philakone on Youtube (Smaller channel) but he does extension videos on TA with Elliot waves and also follows Haejin and he came to pretty much the same conclusion with your wave 5 only peaking to around wave 3 and for this particular coin not being extended. I don't think you're too far off.
OrunmilaDjehuti
⋅
@Jason_Bitcoin, I have checked out Philakone as well. His TA is on point.
Moum413
⋅
@OrunmilaDjehuti, is there a rule that wave 5 is bigger than wave 3? Or is wave 3 the longest? Some say wave 5 usually resembles wave 1
OrunmilaDjehuti
⋅
@Moum413, Haejin says that usually 5 is the biggest wave for cryptos. He has studied the same book I'm reading from Frost and Prechter. Haejin says the wave 3 is the biggest for commodities, but for cryptos it's wave 5.
Jason_Bitcoin
⋅
@Moum413, There are tons of rules but the one I think you're thinking of is wave 3 is usually the longest but never the shortest. A good way to instantly check and see if somebody drew a wave wrong.
I'm not 100% sure we hit the end of 4 yesterday but it's very possible. If so then we're in the first of a 5 count wave going up.