Topic: 2023 Elliott Wave (Read 1428 times)

Not only was it not corrective, but it was the beginning of something very big.
The waves are deceiving.

 
New Thread: 2024 Elliott Wave
 

The 7 wave decline structure didn't transpire.
Although just 3 waves up so far from the 23-JAN-2024 low, the next uptrend ought to be underway now.
Should the current pace of price advance continue, it is plausible to suggest new all-time highs by the mid-APR Halving.
Upcoming Fibonacci-based resistance prices zones are illustrated on the chart below...

Can we rule out the 7 wave decline structure? The 0.382 did hold. What is the EW projected pricing?

Can't rule out the following 7 wave decline structure unless price advances to $42K...

 

It does seem the 0.382 may hold

A decline to around $36K-$37K is possible, and ought to bottom in Feb.

Elliott Wave still on track?

Socionomics, which is related to Elliott Wave, provides an interpretation of cause & effect:
https://socionomics.net/what-is-socionomics/

Yes, 2 weeks is a very limited time,
However, it is not impossible that next week it will make 18% and reach $50k
In fact, 2 weeks ago it made 14%

The most violent movements occur with overbought and a lot of fomo.
I don't know if next week will be one of those times.

That's not quite right. Usually in the market something happens first, then the price reacts to this event, then news appears. The cryptocurrency market is very manipulative, so sometimes price movements are not in favour of traders. Of course there are global things that affect all markets, but in cryptocurrency there are often surprises.

There is nothing happening in the market without an explanation, only that people do not often know the reason why the market made some moves. This is mainly because they might not have the right set of indicators/strategies that will point in that direction or warn them of the possible things which the market might do. And if the strategy/indicator has already pointed to an overbought/oversold condition, it means that the trader needs to be careful and take no decision at that time no matter how they are being tempted to do. This subsists even if they see the market move so much in the direction, just as they always believe they would have gained through it, but it could be a trap. What happens at that time is that the market sentiment is strong at the time and it will take time before it subsides. But for those who have the scalping and short-term ambition towards the market trading, they can still continue to gain towards that direction until the market does otherwise. But must be ready to manage their trading account tightly and use tight stop loss as well.

Also about Bitcoin, it's obvious that it's overbought, it would be slowing the bullish movements down if it didn't shed so many pips it gathered in order to take a breath so as to have the needed power to launch further upwards. But I doubt if the $50,000 will happen again this year. In the process of the coin taking this corrective breath, it would take time before it achieves that even as it still continues to make a bullish pattern again. The year is almost gone and 2 weeks is not enough to achieve this.

Yes, although the market often does the opposite of what we believe,
how to continue rising with overbought.
Well, they are possible scenarios.

A steeper pullback now would reset the overbought technical momentum indicators, and would then bode well for the next uptrend wave to blast through $50K 

What hurry are you for the (i) to finish?
could reach over $50k
and the (ii) after 40k$

the 3 Primaries, 1-3-5,
they look similar,
with the halving right in the middle