Bitcoin Short: wave count update (wave 2 completed)
I've updated the wave count to an old wave count for the previous upmove till mid month and the subsequent rangey move as the new wave 1 that is a leading diagonal (note that this was the original wave count until I changed it somewhere in Q3 of this year to cater for a potential strong down move, but the move up since 10th Oct has invalidated that count and this is the old-new count)
Based on this count, we have a very strong wave 2 that almost completed retraced wave 1 down and in a triple combination (a supposedly rare occurrence). Right now we should be going into a wave 3 and that will be consistent with all my other analyses (for nasdaq, s&p, gold). Everything is going down because in a strong down move, beta of all assets classes converges to 1 due to liquidity.
Based on this count, we have a very strong wave 2 that almost completed retraced wave 1 down and in a triple combination (a supposedly rare occurrence). Right now we should be going into a wave 3 and that will be consistent with all my other analyses (for nasdaq, s&p, gold). Everything is going down because in a strong down move, beta of all assets classes converges to 1 due to liquidity.
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