SUMMARY
Bitcoin (BTC) overnight price action was very euphoric until a little while ago when there was a $1,000 point drop! Panic by many. However, those who are panicked are the ones unaware of the price pathway possibilities and probables and they think the two are the same! Possible is NOT the same as Probable and the video explains in more detail.
The below chart has updated the Elliott Waves. If the blue wave 5 is complete, then Elliott Waves states that after five waves, there is a requisite a,b,c correction. There are 36 possible combination of correction patterns so that gives 1/36 or about 2.7% chance to get it right. So, the below shows one probable corrective pattern, an a,b,c,d,e triangle.
Another could be a simple a,b,c correction as either a zig zag or a flat. Prices often become attracted to a recent significant resistance and now support. Price might gravitate to the upper trend line...however, this is my alternate count. Let's see how the day time price action turns out.
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?
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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.**