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Quote from: josegines on February 01, 2023, 11:58:59 PM

I always thought that wave 5 prices couldn't break through the 2-4 line, and in your count it does in PRIMARY wave.
The only exception were waves 5 in the form of terminal wedges. in which their respective waves 2 and 4 could cross the main 2-4, but this wave 5 looks more like an expanding triangle.

If it is valid, why not draw the line 2-4 and get the channel parallel to that 2-4?

The 2-4 parallel channelling is just a guide, which may not work well with exponential logarithmic charting !

and can wave 5 break wave 2-4 in this case?

In equity markets wave3 often overshoots the wave2-wave4 channel.
In commodity markets wave5 often overshoots the wave2-wave4 channel.

To know why this happens, watch from 1:23:18 to 1:28:24: https://youtu.be/jJA58dxmzQk?t=4998

I am not referring to the channel, I am talking about an Elliot rule that wave 5 cannot cut the extension of line 2-4

Unsure of your question, perhaps you can draw it ?

Either of the following are possible:

but your BTC count is not any of these 3, you draw a channel, but the bottom line is not wave 2-4 PRIMARY, you are joining two points of different degrees, you do not join points 2 and 4 of the same wave PRIMARY.
I thought it could be understood without having to draw a picture.

The channel drawn on the Bitcoin chart is not an Elliott Wave channel, it is an arbitrary classical Technical Analysis trendline capturing the most points on a trend.