Hello Supertraders!
In this post, I intend to convince you to take a short position on BTCUSDT with the target of 16000-15400 hahah :D
Elliot wave counting reveals that after the peak in 19490, the major correction has started and any correction according to R. N. Elliott has 3 waves in form of A-B-C.
Wave A and C here are themselves motive waves and thus consist of 5 waves. B is a corrective wave and includes 3 waves.
Again. according to R. N. Elliott, The target of this major A-B-C corrective wave will somewhere in the territory of the 4th wave of the previous impulse wave of the same degree. Hence, that would be somewhere around 16000 to 14200. yet to finetune this forecast I would refer to the volume profile which acts as a reactive method in the determination of support and resistance levels. Considering the Volume profile in the period of 20 Oct - 29 Nov (present), the Point of Control (POC) of the profile lies around 15400 which I predict as the final target of this major corrective wave.
Have fun safe trading ;)
In this post, I intend to convince you to take a short position on BTCUSDT with the target of 16000-15400 hahah :D
Elliot wave counting reveals that after the peak in 19490, the major correction has started and any correction according to R. N. Elliott has 3 waves in form of A-B-C.
Wave A and C here are themselves motive waves and thus consist of 5 waves. B is a corrective wave and includes 3 waves.
Again. according to R. N. Elliott, The target of this major A-B-C corrective wave will somewhere in the territory of the 4th wave of the previous impulse wave of the same degree. Hence, that would be somewhere around 16000 to 14200. yet to finetune this forecast I would refer to the volume profile which acts as a reactive method in the determination of support and resistance levels. Considering the Volume profile in the period of 20 Oct - 29 Nov (present), the Point of Control (POC) of the profile lies around 15400 which I predict as the final target of this major corrective wave.
Have fun safe trading ;)
