greetings o/
as btc approaches my buy zone ($33,250),
things are starting to get heated in the market.
---
let's entertain the idea where btc invalidates the triangle idea; because let's be honest - it's very likely that it will.
there's plenty weakness in the market, and if it was to drop below the low from jan 24th (32918.7) i could see two potential paths which it could take.
#1 - the green path (my worst nightmare lol)
green projects what we call an expanded flat in elliott wave theory - where the low is breached in a 3 wave move - all the long stops are raided, but a big player buys right into it causing a squeeze to the upside (most likely to that 50k zone).
#2 - the red path (the chill scenario)
btc would basically just continue playing out the impulse to the downside + bounce once more time along the way to form a simple zig-zag.
that zig-zag would complete the larger wxy which had begun back in november.
downside target on both of these sits at 22.8k (the larger wave 4 algo target).
---
while i do prefer the triangle, i can't be attached to it.
so if it was to get invalidated, i would be ready for whatever shenanigans this market was to throw my way.
stop losses are your friend,
cash is king;
stay safe my peoples.
✌
as btc approaches my buy zone ($33,250),
things are starting to get heated in the market.
---
let's entertain the idea where btc invalidates the triangle idea; because let's be honest - it's very likely that it will.
there's plenty weakness in the market, and if it was to drop below the low from jan 24th (32918.7) i could see two potential paths which it could take.
#1 - the green path (my worst nightmare lol)
green projects what we call an expanded flat in elliott wave theory - where the low is breached in a 3 wave move - all the long stops are raided, but a big player buys right into it causing a squeeze to the upside (most likely to that 50k zone).
#2 - the red path (the chill scenario)
btc would basically just continue playing out the impulse to the downside + bounce once more time along the way to form a simple zig-zag.
that zig-zag would complete the larger wxy which had begun back in november.
downside target on both of these sits at 22.8k (the larger wave 4 algo target).
---
while i do prefer the triangle, i can't be attached to it.
so if it was to get invalidated, i would be ready for whatever shenanigans this market was to throw my way.
stop losses are your friend,
cash is king;
stay safe my peoples.
✌
Note
Note
seems to be playing out the wxy for now
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i only share a tiny fragment of my ideas on this platform. to view my daily work, join the lunar syndicate 9 👇
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.