SUMMARY
The TREE COUNT for Shorter Term Traders:
The Inverted H&S pattern is still progressing. However, given and detailed in the other night's critical junction alert post, the status has not changed. So, it would behoove an analyst to keep an eye out for indications of price rolling over.
The larger picture perspective shows that price has been initially repelled by the upper purple trend line. This adds to the critical juncture status. IF price goes below $9,500 or so; a lower low potential on a daily scale is to be expected. However, BTC is not yet there so, keeping calm and serene is key; especially if you've got cash at hand to buy.
The channel needs to stay intact:
The Forest Count for Long Term Investors has not changed in that since the genesis of BTC, a primary degree wave 1 has completed and the "tree" counts are only showing that maybe wave 2 is still in progress. At this "bigger" picture or larger degree of trend, what matter does that make? None! For longer term investors, this kind of price movement as shown above is like a fish out of the water and has little bearing. For "Traders", yes, the short term tree count has utility.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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