Look at the red arrows, you can clearly see the pullbacks at the FIB levels: 0.382, 0.5 and the biggest pullback was at 0.618, the golden area. And if you draw a fib line from line A -> B , then you'll see C ended at 1:1 perfectly, What else can it be but a corrective wave? I don't know why many ElliottWave trader is calling the last rally "impulsive", how do you draw 5 waves from that structure ??
That proves once again that ElliottWave is a shitty tool if it's in the wrong hand.
However, there's still chance that Bitcoin might test the higher FIB levels ( 0.786 & 0.885 ) , so that's why you guys should stick with StopLoss whenever you enter any Short at this time.
With that said, keep in mind that the actual target is still at 4500. Unless Bitcoin breaks 12k , it is still in an obvious downtrend!
Regards,
That proves once again that ElliottWave is a shitty tool if it's in the wrong hand.
However, there's still chance that Bitcoin might test the higher FIB levels ( 0.786 & 0.885 ) , so that's why you guys should stick with StopLoss whenever you enter any Short at this time.
With that said, keep in mind that the actual target is still at 4500. Unless Bitcoin breaks 12k , it is still in an obvious downtrend!
Regards,