SHIB currently in ABC correction up?
Mis à jour
Disclaimer: I have only been studying Elliott Waves for a few weeks.
That said, this chart pattern looks pretty clear to me.
I believe we are currently in an ABC (5-3-5) corrective wave on SHIB/USDT, it is forming a triangle in the B wave, and this triangle will most likely break up to finish the C wave. Whether it goes higher or lower than the A, I don't know.
The trade setup that I am looking for:
I am waiting for the C wave to finish up in 5 waves, and if that plays out how I am predicting I am also waiting for the start of an impulse wave to the downside, looking to get in near the top of the 2-wave.
Stop-loss: Slightly above the origin of wave 1 as this would invalidate my count. 2 waves NEVER go above the origin of wave 1.
Take-Profit: Around the 1.618 fib continuation level of the 1-2 wave.
Risk/reward ratio: Unknown, will have to wait for this to play out.
This setup will take a while to play out, and if ANY PART of this setup is invalidated (if SHIB breaks down after this triangle, we aren't in a B wave, if there's no 5-wave down after that, we can't have a 1-2 of a 12345 down) then there is no trade setup and my count is invalidated.
The final invalidation that I am looking at is BTC. Currently BTC also looks like it's in a B wave of an ABC up. IF MY COUNT IS INVALIDATED FOR BTC THEN I WILL NOT BE PLACING A TRADE, because at that point the trade is too risky, as BTC has too much sway over the alt-coins.
That said, this chart pattern looks pretty clear to me.
I believe we are currently in an ABC (5-3-5) corrective wave on SHIB/USDT, it is forming a triangle in the B wave, and this triangle will most likely break up to finish the C wave. Whether it goes higher or lower than the A, I don't know.
The trade setup that I am looking for:
I am waiting for the C wave to finish up in 5 waves, and if that plays out how I am predicting I am also waiting for the start of an impulse wave to the downside, looking to get in near the top of the 2-wave.
Stop-loss: Slightly above the origin of wave 1 as this would invalidate my count. 2 waves NEVER go above the origin of wave 1.
Take-Profit: Around the 1.618 fib continuation level of the 1-2 wave.
Risk/reward ratio: Unknown, will have to wait for this to play out.
This setup will take a while to play out, and if ANY PART of this setup is invalidated (if SHIB breaks down after this triangle, we aren't in a B wave, if there's no 5-wave down after that, we can't have a 1-2 of a 12345 down) then there is no trade setup and my count is invalidated.
The final invalidation that I am looking at is BTC. Currently BTC also looks like it's in a B wave of an ABC up. IF MY COUNT IS INVALIDATED FOR BTC THEN I WILL NOT BE PLACING A TRADE, because at that point the trade is too risky, as BTC has too much sway over the alt-coins.
Note
What I thought was a triangle, broke down, which doesn't completely invalidate my idea, as it could still be a 5-3-5, but with a simple correction rather than a triangle in the B-wave. Now looking for a 5 wave move to the upside to finish the ABC. After that, I am looking for a smaller impulsive wave down, followed by a 3-wave correction up. I am not trading on this right now, I am waiting for these things to happen and confirm my count before trying to get in.Ordre annulé
Did not play out.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.