I don't know why so few called for this at the beginning of the correction... I guess many just do not know this rule, which kind of surprised me since it isn't something very sophisticated. I wanted to make this post to educate those who do not know this elliot-wave rule yet!
This rule specifically applies whenever you see an extended fifth. In that case you have a very simple rule that you can deduce a very probable correction target from!
Instead of using fib levels (which can of course fall into the same spot for a nice confluence), you generally target the low of wave 2 of 5. For BITCOIN that is at 5.5k with and at around 6k without the wick on the daily So the initial 5,3,5 Zig zag (ABC) almost made that target!
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.