SUMMARY
The TREE COUNT for Shorter Term Traders:
If you are a trader on a shorter term perspective, then we are likely at or near wave 2 and 3 would be next. Price could go sideways also before risig to 3 as is often the case. So patience of a fisherman or a hunter is to be used.
Forward discernment can be used to shape out an inverted H&S as below. Let's see how price moves in the next few days.
Longer Term "Tree Views"
For longer term investors, this level and prior low and even if new lows appear; represent buying opportunities. IF wave 1 is complete and 2 is already or about to; then wave 3 up is next. From a time horizon of months to years, price flicking around is no bother.
The Forest Count for Long Term Investors has not changed in that since the genesis of BTC, a primary degree wave 1 has completed and the "tree" counts are only showing that maybe wave 2 is still in progress. At this "bigger" picture or larger degree of trend, what matter does that make? None! For longer term investors, this kind of price movement as shown above is like a fish out of the water and has little bearing. For "Traders", yes, the short term tree count has utility.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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I expect Bitcoin to minimally retrace 1/2 back to the February 6 lows. $ 8,759.00 or less. Is my target. I expected lower than 5,846.00 on the last drop. I dont think the is low finished. But for now 8,759 has a 80 % chance IMHO. I posted the basket I use. All 4 of them should retrace 50% or more. All 4 didnt go as low as indicated February 6. The February low may not hold in Ethereum,Bitcoin,Ripple,Litecoin or Steem. For now I will be less bold.
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something new to learn as I didn't have any idea of appcoin but I know about some cryto currency and still learning! thanks for sharing
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hi Haejin, APPC appears to have clearly formed a new all time low by a few hundred satoshis.
This would also invalidate wave 1 now, as it's gone further than 100% of the genesis point of wave 1 and thus can't be wave 2 right?
Any thoughts on what this correction pattern is? Or is it just a weird wave 2 that has dipped lower than wave 1 due to BTC's movements?
Much appreciated from a looooong time follower.
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pps, it's obviously some kind of triangle, just not sure if abcde is correct and if we'll see even further lows from here.
Thanks again
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good job friend
happy to work because success can be achieved by trying
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