I feel BCH direction is not so much based on Technicalities. It will go up when BTC gets (logistical) issues again. It bleed out if not.
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I feel BCH direction is not so much based on Technicalities. It will go up when BTC gets (logistical) issues again. It bleed out if not.
Elliott Wave states that a reason or a news shall arrive to justify the forecast, and not the reverse. Could a technicality be the possilbe news/event? Sure!
It seems a weird conception that global mechanisms 'care' about and adjust themselves to this, or any other, specific forecast. With global mechanisms I refer to the whole field of politics, banking, mathematics, mining, hacking, social environments that influence and may disrupt this market.
My -uneducated- position at this point is that for some coins, the Elliot Wave predictors work better than others.
Also on a more philosophical note, why is it necessary to update the wave counts, if we assume events will arrive to justify our forecast anyway? It has a bit of an 'always right afterwards' system. I know it is more complicated then that, but i.e. China news from last week did modify the count, right?
What you think of this statement? "In times without disruptive news or events, Elliot Waves analysis gains significance."
Ill go check your older posts. Thanks again
Good points. Some EW counters are better than others. That's why it's an art. Some can have better feel for the waves. I combine chart patterns with EW.
I have to adjust the waves because I don't have a crystal ball. If you know of anyone who does, please let me know. That means one projection can be modified based on new price action. However, the fact that an abc three wave correction is always followed by a five wave motive gives good outline to trace and peak around the corner.
Please take a look at my calls on Monaco, NEO, etc.....these allowed those peaks to 466% type of profits.
Think about the golden ratio, Fibonacci sequence and the like. There are patterns to the universe. There are trends, there are memetics, there are collective habits. TA to me is pretty much a study on the effects and signs of patterns much akin to psychoanalysis. It's like guessing the tone and nature of a Donald Trump tweet. By studying previous incidents we can make informed guesses. It's the same with weather forecasting (if done right)