SHIB currently in ABC correction up?
Atualizado
Disclaimer: I have only been studying Elliott Waves for a few weeks.
That said, this chart pattern looks pretty clear to me.
I believe we are currently in an ABC (5-3-5) corrective wave on SHIB/USDT, it is forming a triangle in the B wave, and this triangle will most likely break up to finish the C wave. Whether it goes higher or lower than the A, I don't know.
The trade setup that I am looking for:
I am waiting for the C wave to finish up in 5 waves, and if that plays out how I am predicting I am also waiting for the start of an impulse wave to the downside, looking to get in near the top of the 2-wave.
Stop-loss: Slightly above the origin of wave 1 as this would invalidate my count. 2 waves NEVER go above the origin of wave 1.
Take-Profit: Around the 1.618 fib continuation level of the 1-2 wave.
Risk/reward ratio: Unknown, will have to wait for this to play out.
This setup will take a while to play out, and if ANY PART of this setup is invalidated (if SHIB breaks down after this triangle, we aren't in a B wave, if there's no 5-wave down after that, we can't have a 1-2 of a 12345 down) then there is no trade setup and my count is invalidated.
The final invalidation that I am looking at is BTC. Currently BTC also looks like it's in a B wave of an ABC up. IF MY COUNT IS INVALIDATED FOR BTC THEN I WILL NOT BE PLACING A TRADE, because at that point the trade is too risky, as BTC has too much sway over the alt-coins.
That said, this chart pattern looks pretty clear to me.
I believe we are currently in an ABC (5-3-5) corrective wave on SHIB/USDT, it is forming a triangle in the B wave, and this triangle will most likely break up to finish the C wave. Whether it goes higher or lower than the A, I don't know.
The trade setup that I am looking for:
I am waiting for the C wave to finish up in 5 waves, and if that plays out how I am predicting I am also waiting for the start of an impulse wave to the downside, looking to get in near the top of the 2-wave.
Stop-loss: Slightly above the origin of wave 1 as this would invalidate my count. 2 waves NEVER go above the origin of wave 1.
Take-Profit: Around the 1.618 fib continuation level of the 1-2 wave.
Risk/reward ratio: Unknown, will have to wait for this to play out.
This setup will take a while to play out, and if ANY PART of this setup is invalidated (if SHIB breaks down after this triangle, we aren't in a B wave, if there's no 5-wave down after that, we can't have a 1-2 of a 12345 down) then there is no trade setup and my count is invalidated.
The final invalidation that I am looking at is BTC. Currently BTC also looks like it's in a B wave of an ABC up. IF MY COUNT IS INVALIDATED FOR BTC THEN I WILL NOT BE PLACING A TRADE, because at that point the trade is too risky, as BTC has too much sway over the alt-coins.
Nota
What I thought was a triangle, broke down, which doesn't completely invalidate my idea, as it could still be a 5-3-5, but with a simple correction rather than a triangle in the B-wave. Now looking for a 5 wave move to the upside to finish the ABC. After that, I am looking for a smaller impulsive wave down, followed by a 3-wave correction up. I am not trading on this right now, I am waiting for these things to happen and confirm my count before trying to get in.Ordem cancelada
Did not play out.
Aviso legal
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