BTCUSD - Elliott Wave - Just a theory

3 Mar 2018

A different perspective on the wave count then what most other traders here think.

I could not understand the last wave structure up from 6000 level. Even the fibs didn't match so well.

So here I am proposing a different perspective on the wave count.
The correction is viewed as ending in a triangle with a truncated E.
The real impulse began after the E.
This also matches better fib levels for the impulse and correction in my opinion.

And in the end, this is just a theory... :)

3 Mar 2018

Not

Only thing I don't like about this theory and others that suggest we are already in reversal, is the timeframe. It feels like a too short timeframe for a major correction. So it rather feels like we are in B, and after touching the channel line, we might just go down for C...so let's see what happens now.

3 Mar 2018

Not

Another hint is Ethereum. It's not following BTC's move up the same way...So that might just further strength the case for major B or the channel case.