I have relabeled the EW waves. Yes, these relabelings happen. Why? EW is not perfect (nothing in this world is perfect). EW allows a probable measurement by the counter and as I don't have a crystal ball, when prices offer a revised count, I try and follow. Many critics see these relabels as proof that EW doesn't work....my proof is in the evidence of performance throughout my blog posts.
If Bitcoin has one more push up left, then XMR is still going through an abc as shown. Let's see if the MACD crosses to bullish later today.
NOTE: The caveat to any bullish posts is that BTC topping needs to be watched closely!
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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Legal Mumbo Jumbo: 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.
People who think EW does not work should invest some hours and see for themselves. You and I know that it works beautifully. The relabelings just happen due to incomplete corrective structure which can have a million different shapes. It is impossible to always be right. If one were always right the market could not exist anymore as somebody would own the complete market in few weeks...
Thanks for the update @haejin. I learn a lot by reading your posts.
I see a Head and shoulders formed. But maybe I am wrong?
I don't see one. Can you post a chart with markings?
Sorry I am just starting to learn and I have a lot of progress to make :)
Here is a chart with what I thought was a H&S : http://imgur.com/a/c6thu
It's possible! But symmetry is key. If the shoulders are near identical, the more strength. Also, volume should have same peaks with the Head volume highest.
I've seen these irregulars actually happen, so draw the neck line and see if prices convincingly drop below and stay.
I see! Thanks :)
I can see where you are coming from. It's Head and shoulder-ish but not quite.
Why "not quite" ?
Sorry, I am a beginner!
I'm also a beginner to TA. I said "not quite" because the pattern seemed a bit distorted version of Head and shoulder. As @haejin said, symmetry is key.
Thank you @haejin, if you get a chance can you do a quick update on Ripple please?
Here is the update for ripple, please use only to augment your due diligence.
https://steemit.com/bitcoin/@haejin/ripple-xrp-update-where-to-now-i-have-an-analysis-that-could-help-in-this-blog
Thanks @haejin! :)