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RE: Bitcoin Elliott Wave Update - Vicious snap-back rally
Thank you very much! Just a small question — what's an intermediate wave? Are these the largest longer periods waves now? If so, why would it be a third wave go up and not a fifth? Thank you.
Intermediate waves are much larger than what is pictured on these charts. They span weeks to months. Most of my posts show hourly charts which typically feature minor, minute, minuette and subminuette waves. Intermediate waves are 1 degree larger than minor waves.
The third intermediate wave I'm referring to is part of a larger advance. All of the price action described in the above chart is within the 2nd intermediate wave.
Here's a daily chart which shows the intermediate waves as well as primary wave [3] and [4]. Primary waves are one degree larger than intermediate waves.