RE: Bitcoin (BTC) Morning Update: A Different Perspective

[archymede]

Have you ever read any book related to Elliott waves ? I highly doubt it. You'd better learn a bit more, that would increase your insights. You'd have known that a wave 4 can go below the top of wave 1 without breaking the rules : and that is called a diagonal, which can be leading, ending, contracting, expanding. That is also EW 101 as you say. If you don't wanna listen to this comment, at least you could check by yourself what my teacher wrote (Prechter) in the recommended book, if that's not too much work. Once that done, check the weekly chart of BTCUSD and come back with more objectivity.

Comments

[jdog]

You have no idea who I am or what I know, but that is besides the point. You can't have wave 4 going below the top of wave one on impulses...only corrective waves.

If that's the case (Haejin style), then your friend's analysis implies that the entire history of POWR is a corrective diagonal.

Congratulations

[archymede]

Since you're lazy, here's a bit of tasty stuff that comes right from its source.

"Rules:
Diagonals are always 5 wave structures.
Structure = 3-3-3-3-3 or 5-3-3-3-3
Leading Diagonals happen in Wave 1 of an Impulse or Wave A of a ZigZag.
Wave 2 & 4 always subdivide in ZigZag corrections.
Wave 2 Never moves beyond origin of Wave 1.
Wave 3 must go beyond Wave 1.
Wave 4 must move into wave 1 range but not beyond Wave 2.
Wave 5 must go beyond Wave 3, there should be no "Truncation".
In Contracting Diagonals, Wave 3 is always shorter than Wave 1, Wave 4 Shorter than Wave 2, and Wave 5 shorter than Wave 3.
In Expanding Diagonals, Wave 3 is always longer than Wave 1, Wave 4 longer than Wave 2, and Wave 5 longer than Wave 3.
"

I don't know who you are and what you know, but I know who you are not and what you don't know. Simple as that.