SUMMARY
Bitcoin (BTC) is undergoing a healthy correction. It is likely a Zig Zag (5,3,5) correction which is explained in detail in my FREE Tutorial on Elliott Waves. So, the red circled A wave consists of five sub waves and the red B wave consits of three subwaves while the C wave harbors five sub waves. I've labeled the subwaves of C wave in green and will be tracking this in real time. Price is likely in green wave 3 of 3 which is often the portion that extends the most and fastest and hence looks like a vertical fall. I've drawn out horizontal support lines to identify possible green wave 5 stop points. Currently, I've set $11,479.
The below chart shows how I count the subwaves of each wave of wave 5 of C. This allows quality control of Elliott Wave counting since subwaves confirm confidence in wave placements. Subwave counting allows one to gain "geo-positioning" and allows more precision casting of buy ladders. The below shows that wave 5 of 5 of C would be ideal buy ladder cast zone. As this correction matures and nears the end, let's see if we can identify these buy zone ladders!
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
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.**