You have to have ABC corrections between each point that touches a line. The first line coming up isn't very three wavish. Also the triangle starts by hitting the first point at the top of the triangle. Please refer to Elliott Wave Theory book on what bull and bear triangles look like. The triangle that you have showing would first touch the bottom on the last low that we had (i think it was around $5800). If your triangle is correct then that would be a bull indicator suggesting that we are at the apex of the triangle. Triangles can also show something that you may think is there but a larger trend decides otherwise. That is why it's important to know where you are at from a macro level.
Elliott Wave principle is almost an art form as you really need to understand the formations from a quantum level as there is morphing that happens that can change the outcome. If you don't know how to read the changes and counts then you get lost fairly fast.
Haejin is a master at it that I can tell you. I am getting much better and just made good profit on XVG thanks to Haejin for teaching Elliott Wave principle.
big ass descending triangle...that's exactly what I'm seeing! However @haejin just ignores it :) I would be careful trusting his TA mate
Descending wedge is a bullish correction lol
You have to have ABC corrections between each point that touches a line. The first line coming up isn't very three wavish. Also the triangle starts by hitting the first point at the top of the triangle. Please refer to Elliott Wave Theory book on what bull and bear triangles look like. The triangle that you have showing would first touch the bottom on the last low that we had (i think it was around $5800). If your triangle is correct then that would be a bull indicator suggesting that we are at the apex of the triangle. Triangles can also show something that you may think is there but a larger trend decides otherwise. That is why it's important to know where you are at from a macro level.
Elliott Wave principle is almost an art form as you really need to understand the formations from a quantum level as there is morphing that happens that can change the outcome. If you don't know how to read the changes and counts then you get lost fairly fast.
Haejin is a master at it that I can tell you. I am getting much better and just made good profit on XVG thanks to Haejin for teaching Elliott Wave principle.