Re: Can Elliott Waves Really Predict the Price of Bitcoin?
Again, nice post!
Chart #2 by Dan is one that I would like to comment on. Elliot wave theory does not tell what the amplitude of a wave will be. That is down to the ability of the chartist to use other tools like Fibonacci. Even then, you only have "typical" results to expect and must use other means to determine when a wave is complete. EW gives you the direction and the structure to look for, Indicators/Fibo tell you when to exit.
Chart #2 by Dan is one that I would like to comment on. Elliot wave theory does not tell what the amplitude of a wave will be. That is down to the ability of the chartist to use other tools like Fibonacci. Even then, you only have "typical" results to expect and must use other means to determine when a wave is complete. EW gives you the direction and the structure to look for, Indicators/Fibo tell you when to exit.