For the confirmation of the waves I am using different indicators such as my EMA lines and CCI, this helps to make sure what we are starting a new wave instead of just a small correction on the impuls.
I like your explanation, thank you for it. However I'm quite sure we are in the start of wave three / a correction of wave two. When the EMA lines are broken we have a confirmation in combination with the CCI and RSI indicators.
Keep up your work!
CarlParkerDev
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@n-cageman, I've jumped back into my chart and re-caliberated from more data being available and your feedback. Love the inspiration... thanks! Looks like I now got things towards where you see it. From what I can see, looks like we need to clear 7219 to confirm uptrend of Wave 3. Line just left of current discussion is larger wave from 12 hr chart. As for CCI, I am not too familiar with this indicator. Do you have a recommendation of a good resource to review it deeper? --
n-cageman
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You are using the indicators wrong, check the 1H chart which shows we are in the second wave of the elliotwave which is not confirmed yet. We need to see a higher bottom to get this confirmation.
Next to that the indicators have to show some positivity and for now we can only wait for confirmation.
Could look like this:
CarlParkerDev
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@n-cageman, thanks for jumping in with some feedback. Few things that come to mind seeing your chart, you're on a different pairing with USD and Exchange. Could vary things a bit but not too much. Nevertheless, I see from your MACD that your Wave 2 origin could be a bit earlier considering the deeper dip in MACD beforehand. You are right in that we need further confirmation no matter which chart we look at as it's still early, hence the inquiry I titled this as if this is wave 3 or not.
From the chart I have done, I can identify the 3 subwave count for Wave 2 which can lead me to consider that we may be in Wave 3, yet still pending confirmation. Let's see how things play out and if progress forces adjustment, I'm more than welcome too. This is the crypto world where anything can happen.
Appreciate the time man, always love to consider all perspectives.
I like your explanation, thank you for it. However I'm quite sure we are in the start of wave three / a correction of wave two. When the EMA lines are broken we have a confirmation in combination with the CCI and RSI indicators.
Keep up your work!