Viewing a response to: @banatiz/re-philakonecrypto-bitcoin-btc-feb-10-morning-update-detailed-technical-analysis-correction-target-usd4800-usd5200-20180210t190658090z
One shouldn't include the wicks when drawing the waves. I zoomed in quite a bit, then drew a horizontal line showing that the top of wave 1 wasn't penetrated by the bottom of wave 4, if you're using only the candles: ![](https://steemitimages.com/DQmNysChGk7P5w4hhT7C987LDhyPajwrYQu2Tu998SazRCH/image.png) You might need to open the image in a separate tab, in order to see the horizontal line though -- it's a red line, only one pixel tall. You could also draw waves 1 and 2 closer to the bottom of the chart, and then wave 3 would be a 5-wave impulse up to the same 3/4/5 you have, and they'd definitely not overlap. Or you could draw (with either way of starting waves 1 and 2) the top of wave 3 to be the peak just before 5, with a short 4 and 5. Wave 3 tends to be the longest, but doesn't have to be -- it just can't be the shortest. So there are various ways to map it. That said, 1, 3, and 5 tend to be composed of 5-wave impulses, where 2 and 4 tend to be composed of 3-wave retracements. So the way it's drawn initially seems to be most correct. I appreciate any pointers, I'm fairly new at this.
post_id | 31,731,660 |
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author | libertyteeth |
permlink | re-banatiz-re-philakonecrypto-bitcoin-btc-feb-10-morning-update-detailed-technical-analysis-correction-target-usd4800-usd5200-20180210t193330205z |
category | bitcoin |
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created | 2018-02-10 19:33:30 |
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root_title | "Bitcoin BTC - Feb 10 Morning Update - Detailed Technical Analysis - Correction Target $4800-$5200" |
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