For those of you that have been following me and @Mayfair_Ventures there is nothing new yet apart from more evidence that our picture is correct.
The Monthly and Weekly Elliott Waves shown are unchanged. We know that technically the Monthly is broken, but as we are not religious fundamentalist Elliotticians we don't mind.
The new data we see in this picture is the high volume week (the highest ever) and the accumulation visible in Commitments of Traders data, seen in our CoT tool below.
These two facts are new evidence of the big players accumulating ready for the next bull market in Crypto.
For us, this is the start of the process, which may have some months to play out. It's just nice to see some more signs supporting our theory.
Don't use margin to get long here. We expect further bumps in the road, and there will be more and higher probability opportunities along the way. If you are long cash like I am, then you can't get stopped out, and this new evidence gives confidence to add to longs as we get dips in the coming months.
You can get the CoT tool for free by going to our website, and clicking "GET A FREE INDICATOR". CoT data is released weekly in arrears, so it's great for picking up long term changes in trends like this.
Short-term we expect a series of rallies to clear out the shorts and get crypto twitter buzzing, followed by another dump to catch all the Youtube/Twitter influencers and their orbiters with their pants down. This market doesn't give anyone a smooth ride.
Once everyone has given up, then it's rally time. Stay calm. I'm calm because I'm already long down here and can't get margin calls.
@ArtfulDodger1974 as soon as you use a bias in trading you are in trouble. PA can go either way when you commit your mind to one possibility you're not prepared for the other direction. Keep an open mind to both sides to be a better trader. Good luck
SmLegion
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Are you serious? the basic elliot rules, is violeted in your idea, such as overlapping the 2 and 4 in montly, and 2 is very deep retrace and is near the start point. can you give a more explain about it?
christian_pilz
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@SmLegion, There’s only 1 instance where overlap between wave 1 and 4 is not possible. It’s when the larger degree wave is a wave 3. When the larger degree wave is a wave 3, we can’t have an overlap between wave ((i)) and ((iv)) in the smaller degree (elliottwave-forecast/can-wave-4-overlap-wave-1).
noble1ones
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@christian_pilz, What the guy is telling you is that he knows 1+1 = 2, but he's going to say that it equals 3 because of whatever justification he's trying to make himself believe. He should remove his EW monthly count or relabel it. But due to his excuse on why it's acceptable in regards to his labeled pattern, he's got zero EW credibility in my book of which further puts doubt on his other EW counts. All the best! 1+1= 2 , in my humble opinion, LOL!
Paul_Varcoe
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@SmLegion, If you read what I wrote, you will see that we use EW for bias. While the fact that it broke down is a negative, the bias remains, given the other factors at work. Using JUST ONE tech indicator will never get you anywhere. Instead build a set of evidence from all sources, and consider that set as a whole. If you do that, and remember that EW is like Fibonacci, in that it predicts human psychology, then you can accept it