This is a schematic i put together incorporating the different ideologies and methods of trading the Bullish Dragon / Double bottom pattern, and simple Elliot wave theory / Wyckoff method key points.
You've got your basic parts of the Dragon.
-Head - (top of supply line)
-Feet (double bottom)
-Spine (supply line)
-Hump (Overhead supply / double bottom confirmation level
Ive added the basic elliot wave structure underlining the different parts of the dragon including the impulsive (5 wave) and corrective (3 wave) segments.
Ive also detailed the different points within a wyckoff accumulation schematic each of these parts coincides with.
Ive included the measured move target of the double bottom, and labeled the .618 target of the dragon, and the 1.618 local extension
There are many different iterations of the dragon, and the way they bottom, but this is a common version ive seen in crypto lately, and often times despite having different bottoming methods, the measured move targets etc, are the similar or the same.
You've got your basic parts of the Dragon.
-Head - (top of supply line)
-Feet (double bottom)
-Spine (supply line)
-Hump (Overhead supply / double bottom confirmation level
Ive added the basic elliot wave structure underlining the different parts of the dragon including the impulsive (5 wave) and corrective (3 wave) segments.
Ive also detailed the different points within a wyckoff accumulation schematic each of these parts coincides with.
Ive included the measured move target of the double bottom, and labeled the .618 target of the dragon, and the 1.618 local extension
There are many different iterations of the dragon, and the way they bottom, but this is a common version ive seen in crypto lately, and often times despite having different bottoming methods, the measured move targets etc, are the similar or the same.