Basic Wave Pattern

📌📌📌 THE RULES
There are three MAJOR Rules that are extremely important when learning and applying the WP. Of the five waves:

1. Wave Two cannot retrace more than 100% of wave One.

2. Wave Three cannot be the shortest wave.(Does not have to be the longest)

3. Wave Four cannot retrace into the price territory of wave 1.

📌📌 FIBONACCI AND ELLIOTT
Another key to applying the Elliott wave principle is Fibonacci ratios. Few investors realize that Fibonacci analysis of the markets was pioneered by R.N. Elliott. The use of Fibonacci ratios requires a valid Elliott wave interpretation as a starting point.

Elliott had two chief insights concerning Fibonacci relationships within waves.

A. Corrective waves tend to retrace prior impulse waves of the same degree in Fibonacci proportion — common wave relationships include 38%, 50%, 61.8% and 76.8%

B. Impulse waves of the same degree within a larger impulse sequence tend to relate to one another in Fibonacci proportion. The distance travelled by the first wave in the structure (Wave 1) offers Fibonacci targets for waves 3 and 5.

Thanks for stay tune, that covered the breif lesson aspect about ELLIOT WAVES and its application🤷‍♂️🤷‍♂️

Application of our lesson on BTC daily chart........

https://www.tradingview.com/x/nhgh4xmn/

📍📍A Waves (Wave A)
During Wave A, the public is convinced that this is just a correction of the previous trend and will rush in to capitalize on it, despite any technically damaging signals. This sets things up for the next wave to follow.

If Wave A is divided into five sub-waves, it will be a zigzag. If it is divided into three sub-waves, it will be a flat or a triangle.

In the case of BTC we have our wave A forming subwaves(5) and moving ina sharp ZIG-ZAG manner

Moreover, Guys

See this, WAVE usually close at the almost(if not same level) with top of WAVE 3

Guys look at this BLACK HORIZONTAL LINE, Wave 3 only spike down both the body closed above it, and presently price is trading around it now, this signal the end of our WAVE A(Most likely), that is to say PREPARE your mind for WAVE B

https://www.tradingview.com/x/nhgh4xmn/

For Wave B projection downward, take note of this: Corrective waves tend to retrace prior impulse waves of the same degree in Fibonacci proportion — common wave relationships include 38%, 50%, 61.8% and 76.8%

This means we can targets any of this Fib ranges, and from BTC chart those ranges are been designated with BLUE HORIZONTAL Lines and these marks our expected BUY entry point.

I want to believe that everyone knows why and how I project the elliot wave and how I come about those level I gave where 10,200 has played out already.

Thanks for listening and we can have our Q&A Session on the chat room.

We will be having extensive signal analysis like this once in a while. One more time I welcome you all to our channel, More money to our banks. Amen

📌📌📌 STOP LOSS AT THE TOP OF WAVE 4 that is 13,762 Level

📍BTC-USDT 📍

BUY ZONE : 7350 - 9260
LEVEL TO WATCH FOR(7990&8600)

SELL :
TARGET 1 : 11,000
TARGET 2 : 13,700

STOP LOSS : 5720
DURATION: MEDIUM TERM
RISK EXPOSURE: 10%

https://www.tradingview.com/x/jMtgG5BQ/

======================
📍ICON 📍
Symbol: ICXBTC

Buy Area:
Level 1: 0.0003900

SELL:
Target 1: 0.0005290
Target 2: 0.0006842
Target 3: 0.0008385

Stop Loss: 0.0003355

Level 2: 0.0002565 (this order is for Re-Buy if L1 buy hit stop Loss)
Stop Loss: 0.0001520
Duration: Medium/Long Term
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https://www.tradingview.com/x/JB5QhjD4/

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📍LITECOIN 📍
Symbol: LTCBTC

Buy Area: 0.0175 - 0.0185

SELL:
Target 1: 0.02257
Target 2: 0.02563
Target 3: Lock profit and let it run

Stop Loss: 0.01549

Duration: Medium/Long Term
RISK EXPOSURE: 10%
=========================

https://www.tradingview.com/x/SQBI3AqB/