End of Year Sale?

I hope everyone had a great Christmas! Kicking it back in gear from all the holiday festivities it seems like the Grinch stole our Christmas as our idea was wrong. Although we did manage to have a few H4 closes above the range specified once we broke the range high no volume came in. This followed by an immediate rejection was the tell tale sign that we were wrong and this was coming back down. What was the indication that the previous idea was invalidated was the fact that the move up took much greater time than the break down that was before it. That move up also had a more complex structure with almost no volume shown once the range was broken. If that idea were to be true none of those characteristics would of been apparent. The 100% dagger was the break down after the range was taken out. That move cleared the entire range in less time and complexity which is classic Valley Range Theory rules. All that was left was a sell pattern under the .68 of that move down and you had clear indication the bulls were done. Now with that being said and $BTC again ranging on/around a significant level (7.1k) one is to ask what is next. Jumping back on to the HTF chart i wanted to see if anything could jump out at me after i deleted some drawings. After some number crunching using fib time and extension I concluded that the move from 7121 to 7646 was impulsive and you cannot say otherwise. Using EW logic there was two ideas that i can derive , one was a more impulsive B wave running flat and that move was sub-wave C of B. The other idea was the idea posted here and our primary. Reason to believe this was W1 of some complex ending diag for WC is the fact the entire X wave structure being studied is still incomplete. There is only a few ways this X wave can form and one is a basic ABC the other is a more complex triangle I am missing for now. Time will tell but for now the mid time frame chart looks corrective and with the most recent rejection its hard not to believe we test 6.88k. Trade entries were provided in discord and I do not believe entry now is worth the RR even though intraday action is going to plan. If we visit 7.3k before breaking 7k we may be in a more complex pattern and we can range for a bit here. Make sure to hit the like button here or drop a comment to give me feedback on what I can do better or what you want to see more of. Also remember to always practice appropriate risk management and never over position yourself. May the force be with you Elevate traders!


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