10/23/2024 bitcoin Idea and elliot wave counting.
For now, I'll count this trade as a winning trade since it has reached the target price. The risk-reward ratio is 1:7, so it seems to have been a pretty good trade.
At the moment, I've taken profit on my all short position.
The wave that emerged from the end of the small green ABC correction looks like an impulse and appears to be really strong, so it seems likely that there is one more wave left going up. I will need to decide whether to enter again after observing the price movement at the 1 which is Fibonacci 618 to catch the downtrend.. or I will wait longer until it breaks through the previous high and the blue impulse wave completes before entering again.
At the moment, I've taken profit on my all short position.
The wave that emerged from the end of the small green ABC correction looks like an impulse and appears to be really strong, so it seems likely that there is one more wave left going up. I will need to decide whether to enter again after observing the price movement at the 1 which is Fibonacci 618 to catch the downtrend.. or I will wait longer until it breaks through the previous high and the blue impulse wave completes before entering again.
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