Why would that big green candle between 26-27 not count as a wave?
RE: Bitcoin (BTC) Evening Update: A Wedge Embedded Within a Wedge
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Bitcoin (BTC) Evening Update: A Wedge Embedded Within a Wedge
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It could be the wave 4 of minor degree of the blue 3. The dip then is the 5 of this blue 3.
There can be many EW counts, all valid, the point is trying to predict price target using EW, if many counts are in favor of an uptrend a bull run is more probable, if they favor a downtrend, then a bear market is more likely. EW are also there to help to understand what is happening, knowing you are in a correction is good to not panic sell before a bull run, knowing that a 5 wave impulse has unfolded is a sign that a bear market could occur.
That's how I understand the use of EW theory to predict the market, to understand the past it's more obvious and it can help to understand the 'personality' of a market. Just my opinion :-)
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Everyone is entitled to his or her opinion, at least @haejin is doing his best to by explaining BTC is not crashing with is graph. It is up to anyone to take the tip or ignore.
Besides he did conclude with a disclaimer...
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When you are no longer convinced, it might be a good idea to look at my blogs
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Noted
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Lol I'm not going to be disrespectful because I genuinely want to hear the explanation....
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Interesting. Can you elaborate?
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He counted that big green candle as subwave 3 down. Didn't account for it as it's own subwave up. I'm genuinely curious as to why, considering it rose above what he actually marked as subwave 4.
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