exstasie, like your wave count, as always precise and informative. I do have a slightly different take looking at the stock market GBTC Graystone chart. If I count 2/6 as SC (super cycle wave) 0, the advance to 7/10/19, while impressive, is hard to classify as an impulse. It's also too short to classify as an intermediate wave.
While I don't love the proportions (specifically in waves ii and iv of I), I think the 2019 rally can be counted impulsively fairly easily. This is my preferred primary count:
If I look at it from a different perspective, that is comparing it to the 24/7 BTC market, a major wave makes sense, as the topping out pattern looks more like a diagonal, say triangle even. Typically wave 1's (and 5's) make noise this way, that is open or close a wave train like a triangle / diagonal. Using that case, the length of time up and down (approximately 50% each way) can be viewed as a wave M1/2 triangle, with M1 being a (A b C D E; capital letters indicate Bollinger Band penetration at the conclusion of the wave in 4h candle time) diagonal and M2 being a double zigzag.
This is a tad difficult to interpret without a chart, but I think the proportions you mention make a lot of sense. However, I don't understand how a triangle would fit into the higher degree count.
Why the long wind bag explanation. Simply put, if I back test against the previous wave train, the 1/24/20 low compares very favorably to the 4/29/19 low and the current wave is going to last much longer and go much higher.
Could be. The trouble with EW is we must keep all valid scenarios open and then rule them out one by one.
By the way, feel free to post your thoughts/charts
in my thread. I'm always looking for alternative opinions.
Sorry to hijack your thread, David!
