following Elliot on the last wave we are at abc now on BTC
2024-12-13
Category: None

i think there is head and two shoulders now is been created on the 1hr chart as well with the 4hr rejection candle 
so my wave is the one from 94 k last drop to max peak 
1. The wave sequence begins with **Wave 1**, initiating a bullish trend that lifts the price from earlier lows, establishing momentum towards new highs.  
2. Following Wave 1, **Wave 2** formed a corrective move, pulling back slightly but holding above the starting level, preserving the bullish outlook.  
3. **Wave 3** emerged as the strongest impulsive wave, propelling the price significantly higher with a sustained rally driven by strong demand.  
4. After this sharp upward movement, **Wave 4** materialized as a consolidation phase, exhibiting a slower pace and maintaining above critical support levels.  
5. The trend culminated in **Wave 5**, peaking at **102,486**, as market optimism reached its height and began to show signs of exhaustion.  

6. The market transitioned into a corrective phase with **Wave A**, dropping from the peak of **102,486** to **99,308**, initiating the first leg of the correction.  
7. **Wave B** followed, retracing part of the decline to reach **101,380**, a temporary recovery often misinterpreted as a continuation of the uptrend.  
8. **Wave C** is now unfolding, projected to complete the correction by potentially targeting key Fibonacci levels below **99,308**, as per the Wave A length.  

9. The projected targets for **Wave C** include **98,202** (1.0x Wave A), **96,238** (1.618x Wave A), and **99,414** (0.618x Wave A).  
10. The overall wave structure reflects a classic Elliott Wave cycle, combining impulsive and corrective phases.  
11. Each phase is driven by shifts in market psychology, with optimism dominating the impulsive waves and fear shaping the corrections.  
12. Fibonacci levels have been essential in estimating Wave C's likely endpoint, aligning with historical patterns.  
13. If Wave C extends beyond 1.0x Wave A, deeper support near **96,238** could be tested, aligning with prior market lows.  
14. On completion of Wave C, the market may look to establish a new trend direction, depending on macroeconomic conditions and market sentiment.  
15. The structure showcases Elliott Wave's utility in analyzing Bitcoin's price action, blending technical patterns with market psychology.  

if you saw my prev idea for the cup and handle was very fast to predict the fall however didt catch the targets right so i wouldnt stick to any of the numbers just and idea and good luck traders love Elliot so much 