The TREE COUNT for Shorter Term Traders:
While the correction might not feel bullish, it never does; the microcounts often miss the bigger picture. However, it can still be profitable for shorter time frame traders. The below chart shows an updated abc correction for the wave 2 of an initial set of impulse waves up. IF this can be sustained, the $0.47 target remains.
IF Bitcoin decides to put in a lower low; BTC and all of cryptosphere will follow. To that scenario, the awareness of the below chart could be helpful. The blue abcde waves could complete at $0.18 or so. However, this is NOT my primary count.
FOREST COUNT
If you're looking from a perspective of a longer term; the below chart should jive well with how BTS has already put in the higher degree (blue) wave 1 and 2 and the current activity is around waves 1 and 2 of 3. Most coins, including Bitcoin are at the blue wave 2 equivalent stage. So, for Bitshares, wave 3 of 3 would be next....would now be the time to be selling or buying? Would panic sell if $0.18 rolls around or buy?
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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