Yes totally agree, the possibilities are myriad and we just have to discount the options as the price evolves.
I tried making a chart to illustrate how I think the chart might count but realised that wave A in this correction is the perfect example of why it looks awkward.
Wave A has a messy count with a 1-4 overlap that needs to be skipped and I'd expect to see the same form develop again.
Please understand I am a rank amateur at this and do it for the fascination, learning and experience. Frog-odds sake don't trade my TA!
You don't necessarily count the whole spike up or down, as it could be one
sale or buy doing it. We are looking for the overall market sentiment, not the lone panic or fomo trader. So moving your wave 1 a little bit up is not really bad. Then this count is valid.
I did this in the post Will BITCOIN continue the PARABOLIC TREND? Up, up and.. as my primary count, but just now it seems a bit too bearish, this might either not hold true, and the pink wave up may be an abc correction in the 5 wave down.
The only way to learn this properly is to study, practice and put your charts in the crowd to get rect or praised, again and again :)
Right, this is something that has been bothering me and where long term charting experience is missing.
For Alts with wild spiky charts I tend to go with the candle bodies and ignore the wicks. For BTC on a big exchange I try to stay true to the extremes for Elliot and knock them out for triangles and trend-lines. I'm guessing experience on each asset will improve judgement there.
I would comment on your chart though that the aesthetic form of the 5 wave impulse just does not present well and leads me to look for a better looking solution. I guess time will tell.
The aesthetic form is just as much shaped by time as price, and I don't predict time :)
You have wave 3 as shortest price travel.
That doesn't make your bullish impulse wrong of course, just makes me question the completion of the overall form. It seems to be a really awkward count. But I'm convinced we will look back on this and see it clearly for what it is.
Damn, you are right :/
lol ... hate it when that happens