Hi everyone, first of all I am a noob so forgive me. I am currently learning how to use Elliot Waves and surpise surpise I find it very difficult to identify them and therefore to be able to count them properly. Please give me a feedback
Could you 5 be a new 1 of a big wave and this ABC correction could have already formed a 2 and now it is moving up to form a big 3
protechtor
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Also, keep in mind that your 3 wave ABC correction might (emphasis on "might") turn into a 5 wave impulsive count. If so, we know then that the primary direction is down even though after wave 5 completes we would see a significant corrective rally.
xrp67
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@protechtor, thanks a lot for your feedback! What other indicators do you reccomend to use togheter with EW? If you are not day trading what time frame do you use?
protechtor
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@xrp67, Stoch, MACD, RSI, volume (be careful with volume in Crypto... too many non-centralized exchanges to get a good indicator real-time). Daily timeframes are best for investors. I use 4 hour for short term/trading, and lesser timeframes to optimize entry points for trading).
protechtor
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Decent count. I think where you have the "B" placed doesn't conform to a known Elliott pattern (the high near 2.80 is more likely the end of the "B" wave in your count), but nicely done!