SUMMARY
Note: The Video Analysis has tons more details!
Overnight price action has been putting in lower lows and the chart below shows updated Elliott Waves to help define the pathway. If circled white waves 1 and 2 are complete; then the white waves 1,2,3,4,5 would be subwaves of the higher degree wave 3 and naturally, after an impulse of five waves, there is a requisite a,b,c correction as shown by the red a,b,c.
Another way of counting would be to define this minor correction as an expanded a,b,c. The blue waves 1,2,3,4,5 are positioned so that the purple b wave is higher than the start of purple wave a and so the purple c could be in progress. Many are panic selling. Many are scared. They don't understand that corrections are healthy but more importantly, they lack the awareness of price pathways.
As I had discussed two very long days ago; my alternate counts remain. The last alternate was shown as below and I know that many bears are screaming for that to happen....almost wishing for the $8,000 zone! However, that's my third alternate; not my top alternate.
My top alternate count was shared by a follower's comment (can't locate the commenter to give credit). The below chart shows what all cryptos love....TRIANGLE! IF this pattern plays out, the price could touch $12,834 or so. Let's see how the daily price action progress.
I have often stated that awareness keeps the panic away. Well, since the market is driven by a binary emotion: Fear & Greed; I've learned in over twenty years that it is most ideal to trade and invest from the position of Confidence & Awareness. Technical Analysis helps instill these. Bear in mind that Confidence is NOT related to greed nor is Awareness associated at all with Fear! Egotism is NOT confidence; though, it can often be masked as such but is really Greed in disguise. When one approaches trading and investing from the position of confidence and awareness supported by Technical Analysis driven distinction between the possibilities and probabilities; laddered buying; forward discernment and experience...you often get a confluence of MASSIVE profits! When there is a lack of confidence and awareness; then ignorance can set in and that's when you trade based on gut feeling or instincts and shoot from the hips while experiencing the horror of seeing your account go to zero. This is the tribe of the innocent and the idiots to which you do not want to belong!
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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