Thank you. Could you please elaborate what (a), (b) (c) waves mean? If that's the EW retracement, why are there 3 ABC subsequent higher-order waves without 5-part waves in between?
RE: Bitcoin Elliott Wave Update - Evidence this correction may be nearing completion
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Bitcoin Elliott Wave Update - Evidence this correction may be nearing completion
Yes, that is correct, all of these abc waves are part of an EW correction. The reason they are not interspersed with 5-wave impulse waves is because they are part of a complex correction known as a double-three. In this case, more specifically, a double zigzag (pictured below).
From a high level, a double zigzag is a 3 wave move, but because it is composed of 3 wave moves instead of 5 wave moves, the overall structure is labeled wxy(xz if it extends further) instead of abc.
Complex corrections can take shapes other than a double zigzag as well, but a double zigzag appears to be what is taking shape here.
Let me know if you have any other questions about this :)
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