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RE: Bitcoin (BTC) Mid-Day Update: H&S Neck Line Breached
Everybody seems to be counting the triangle/wedge different. For me the first touch is on the bottom with A starting at the top. If this goes ABCDE then the breakout would be to the downside which supports your other downside targets. Thoughts? Is this a valid approach?
I don't think it's correct to start with A at the top. Your ABC correction tool should start at 0. A would be where you currently have B. I think all letters should be shifted right one place setting.
I've always heard that the first touch is where you start your count. In my chart you will see the first touch, zero, is at the bottom of the triangle with A at the top. Otherwise zero is where A is and B become A with the inevitable breakout NORTH. I don't see a northern breakout at this point.
I guess we will have to just wait and see which is the correct way to count it but for the time being I have to stick with what I posted.
In the book an ABC begins with 0. You should shift all your letters. In that case it means your e is a d and the e is on the bottom blue line of your wedge. Just saying, that's what is described in the book (Elliot wave theory, see haejin's link ;-)). It's just because after a correction price should go up, so after a 'c' or a 'e'.
I agree. If you get a definitive answer to your question, please let me know what it is. And I'll do likewise. Thank you.
@kwaman, check out this video:
https://steemit.com/btc/@sudipto.dalal/bitcoin-morning-update-feb-24
It confirms that an ABC correction begins at the top with a 0.
I agree with this