The preferred Elliott Wave count is effectively eliminated at this point. Bitcoin is rising in wave 3 of (3). Expect moves beyond the previous $19,000 high.

BUY and hold if not yet in.

Mnadii is a dedicated guy but his big ego is his primary undoing. The market punishes a big ego hence his frequent bad calls. He cannot make two correct calls in a row but he still believes that Elliot Waves are the holy grail. I want to make him a better trader through constructive criticism so that the market can stop beating him up. Today's morning call of Bitcoin opening with a big dump, if he cared to look at other indicators such as the stochastic RSI on the 4hr, he would have seen that the day would likely open with a rally, not a dump. He will continue making incorrect calls until he incorporates one or two more ways of confirming his wave counts and improve his probability of success. That being said, trading is a probabilities game so I do know that everyone gets it wrong from time to time including myself.

@Mnadii, adapt or perish

Did you guys understand that I had two possible Elliott Wave counts? One was imediately bullish and the other could allow Bitcoin to undergo a bigger correction below $10,000?

How can I help you two if you don't understand the simple English I use in my forecasts?

For the two dimwits here, these are the two Elliott Wave Counts am working on.

Scenario I


This count suggests that Bitcoin has completed wave (1) (at $9900) and had a small wave (2) retracement (composed of a combination WX and a triangle Y).
At the next higher degree, wave 1 and 2 are also complete (respectively at $11,375 and $10,860).
Now, this count suggests that we should expect the next leg, a wave 3 rally imediately as depicted by the rising blue trendline. My confidence in this count would continue to rise as wave 3 in Bitcoin rises strongly above $12,000, for example.
I had posted this very count earlier on in this thread.

Scenario II


This is the second scenario. This count suggests that we have a bigger impulsive wave (1) which completed recently at $12,050. This is the alternate count where I have been suggesting that a bigger correction below $10,000 is a possibility. That correction would take the form of an ABC and complete a bigger wave (2) retracement possibly at $6,900.

In both scenarios I expect Bitcoin to rise to levels above $19,000, the previous major high. Only that one count suggests the rally should start immediately while the other suggests a more prolonged time frame.

At some point price action in Bitcoin will eliminate one count count so that we remain with the other. If, for example, Bitcoin falls below $9,200, then our scenario I will be eliminated and we'll remain with scenario II as the working preferred Elliott count.

It is these conundrums that the cobwebs in your heads have not managed to let you see. But I hope now you start to get some level of understanding.

Sounds like speaking from both sides of your mouth to me....a.k.a covering your incompetence. Holding two opposing ideas in your head means you don't have an edge and you have to cover your ass for both outcomes. Now that you have two opposing ideas, which one do you trade?? You see the folly in that statement...right?? Spare us the BS

I called you out before and I will do it again. You are probably just one of those "teachers" of trading techniques but not a real trader. Otherwise your PNL would be in the negatives since you began posting.