Chronobank (TIME/BTC) placed a very extended and lengthy price channel as shown in below chart. The a,b,c nature of this channel is quite apparent as this is the way to identify the bottoms. Subwave counting therefore is paramount to be able to determine the "geo" positioning of the waves as the new price data arrive in real time. Using these, one is able to the forecast the future price pathway based on probability. There is no certainty, only probability. So, the subwaves of the flat correction is labeled and based on the five blue subwaves of the red C wave, the bottom can be seen as being likely in. This is further confirmed by the price breaching the upper white line in an impulsive manner. Recall that an impulse in Elliott Waves is any set of 1,2,3,4,5 waves. IF the breakout is sustainable, the more shorter degree of trend could be 0.0107 BTC.
Legal Disclaimer: 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
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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