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RE: Crypto Trading with TobeTada! | 26-08-2019 | Steem/USD Outlook!

in #bitcoin5 years ago

Steem/USD is a very difficult chart because it has so many valid counts.
Here is mine:
JPwgMWHy.png
In crypto and stocks, we often see a corrective pattern first, before the impulse wave starts. That is why I assume that we haven't even seen the first impulse.
A wave two can correct 99.9% of wave 1 and still be valid, but such a huge correction is rare.

Your count is fine, but there is one detail which is 100% wrong. You said in the video that your first wave A is a zigzag, but it only works as an expanding flat pattern. This also means that your ABC is also an expanding flat pattern (C at 21 cents).
This also means that for the big pic of your count, there are several options:
gigantic flat
double flat pattern
flat-x-zigzag
flat-x-triangle
and my count...

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thanks for you detailed response! why can't A be a zig-zag? Not that I don't believe you, but can you link to a source for the rule that wave 2 can't be a triangle?

This is your first wave A with subwaves:
ZESMvCMs.png
It starts with a clear 3 wave pattern so it can't be a zigzag (5-3-5)