Good day Steemians!
Join me in analyzing the crypto markets!
- In these videos we will learn about the patterns that dominate the market and try to predict future trends.
- Learn about controlled investment: stabilize your profits in a volatile market!
- e.g., setting up rungs and stop-limit orders
- understanding compound interest
- Learn about keeping your head cool!
- Facing losses? Learn when it's best to hang in there and understand when it's a good time to get out of a position quickly...
- And finally keep in mind that I don't know everything... so tell me what you know! 👍
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
Steem/USD is a very difficult chart because it has so many valid counts.
Here is mine:
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...
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:
It starts with a clear 3 wave pattern so it can't be a zigzag (5-3-5)
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