Not to rain on the parade, BUT, lets be cautious and not get caught up in FOMO.
Recall
img]http://i.imgur.com/NmloDPf.png?1[/img]
I don't really get this chart but if those are 5 elliot waves rules are broken.
Rules aren't broken, all the waves are there
two possible counts, one goes down in a corrective C eventually, the other makes new ath's but expecting more than 2-3k is unrealistic. Not impossible, but definitely unrealistic.
img]http://i.imgur.com/bVKlFm4.png[/img]
That's some nice chart but I don't know how to recreate it with the same scale ! what was the lenght of the first waves, and so around what is the estimate of the top of the 5 waves?
What I can't do with that chart is channel it. I can't see if waves (3) top respected the channel cause idk the beginning of the first waves. nonetheless, waves (4) is totally out of channel there, what do you think of that? Again, if we use channeling to forecast the end of the (5) waves, the moon is the only limit?
Maybe using btc chart since its beginning is not accurate to drow waves since some argue all markets are primilarly bearish (then counting after the top could be seen as correct?). Anyway, it is very important to collect all the views that you can and then eliminate to keep the most correct waves count.
There are rules to plotting EW wave patterns and forecasting. Rules about 'how long' and 'period of time' based on fibonacci rules.
I suggest you read Robert Prechter's book on elliott waves. Just google Robert Prechter + Elliot Waves and you will find it.
Like you, i started out here young on EW. You can look through my history and see my early noob Q's on EW.
Today, i am better. When i read EW forecasts, i see what they mean. I have fused it into my medium and long term trading strategies. I was mostly a fan of Nison and candlesticks. But, EW has added a different dimension. I now look at the market differently. And, no matter what people say (haters) EW works. Take it from me.
Cheers! and good luck!