All these bullish Elliott Wave posts showing Wave 5 bringing us to $20k etc is getting me thinking...
I’m no expert on Elliott Wave but I know TWO things about Wave 5 characteristics:
1. This is the fomo phase where retail piles in and sentiment is straight bullish
2. Wave 5 is rarely the longest wave, in fact it is often of similar size to Wave 1
So based on this, PLUS the fact we have fallen JUST short of the 0.5fib line for our full bear market move, it is entirely possible Wave 5 is complete and we will soon see an ABC correction, potentially as per my chart.
We’ll see though....we could still see a further move up to the 0.618fib, but since you can even count the 5 waves inside this Wave 5 and the entire market is overly bullish (even previously bearish traders), I just don’t know.
NOTE; I am not shorting until we break that 1st OB!
I’m no expert on Elliott Wave but I know TWO things about Wave 5 characteristics:
1. This is the fomo phase where retail piles in and sentiment is straight bullish
2. Wave 5 is rarely the longest wave, in fact it is often of similar size to Wave 1
So based on this, PLUS the fact we have fallen JUST short of the 0.5fib line for our full bear market move, it is entirely possible Wave 5 is complete and we will soon see an ABC correction, potentially as per my chart.
We’ll see though....we could still see a further move up to the 0.618fib, but since you can even count the 5 waves inside this Wave 5 and the entire market is overly bullish (even previously bearish traders), I just don’t know.
NOTE; I am not shorting until we break that 1st OB!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.