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RE: Bitcoin Elliott Wave Update - Where will this correction end?
Didn't we reach a similar level before BTC bounced back to current levels. Is this the same thing all over again? What are the chances of BTC going lower than $2846?
Thanks for your hard work!
Based on the current count, measured moves, strength of the bounce off $3000 a few weeks ago and the strength of the rallies before the correction started, I'm not anticipating a move below $2846, but anything is possible.
My preferred wave count would not be invalidated unless we broke below $1830. That said, I'm not anticipating that we'll get close to that.
Try to think of Elliott Wave as less of scripture and more of a constantly updating projection of where prices are heading. As prices move through time we build a wave count. As our preferred count no longer matches reality, we update it to reflect what is actually happening. Our preferred count then allows us to anticipate future movements. Sometimes those anticipated movements will match reality and we'll make huge profits. Other times our count will be invalidated, we'll take a small loss, update our count and anticipate new movements based on our updated count/roadmap.
Thanks for your input.
@stocks29 your last paragraph is the most succinct description of Elliot Wave analysis that I've read. Great stuff, thanks a million.
My pleasure!