N.B: A new price extreme (high/low) should never be a determinant of trading.
Why?
Flats (3-3-5): They are a corrective formation whose subwave B usually spots a new price extreme (in the direction of the motive trend) then reverses to complete subwave C. Some call it bull/bear trap.

This is present price action on H4.
What do you see?
Can you count 3 & 5 swings anywhere?
What questions do you have?

Here is the same asset on the daily timeframe.
2 things I want you to draw from these timeframes with regards to the wave IV.

1. Trading sentiments are deadly.

The wave down from the peak of Wave 3 (April 2021, $65,000) has 5 swings labeled A-E. Waves A,C,E are motive waves. Motive waves are good trading opportunities. B & D are corrective with are setups for trade entry.

The push up from $30,000 has 3 swings; 2 motives and a corrective; ABC. The motives A & C is bullish this time.

The trader with the bullish sentiment would have lost almost every Buy trade from April to July. Why? Cos sentiments don't explain what is happening to an asset. You have to analyze using technical tools.

2. In my opinion, We are still in Wave IV

Here is why I hold this opinion. The pullback from April 2021 has 5 waves down which isn't a characteristic of corrections. But corrective formation with 5-3-5 configuration is called a Zigzag. We have the 5-3 in place and price has been rejected from the New All Time High with a bearish engulfing (Daily timeframe). That is most likely the first swing in the 5 subwaves down. The invalidation for my theory is a close above this New ATH

Jedalord:

Thanks for the help brother, though it might not be related to the purpose of this thread, I would like to know how to learn the beginners level of investing as a trader... Stocks to be precise. Thanks

In my opinion, all you need to understand is candlestick analysis. Then you can choose a preferred asset class like stocks as your preference. Both Ethereum on the crypto exchanges and stocks of dangote cement on the NSE follow the same principles.

The image posted earlier was the Monthly timeframe. Here is the weekly timeframe.
Question for you:
Isn't the chart looking less random with the labels?

Question for Me:
Why is the (IV) label placed further away from the price low?
Answer:
.... because we are not certain the wave IV has completed.

You cannot separate Elliott Waves from Technical Analysis. Any consistently profitable mechanical trading system is a continuous execution of some principles of Elliott Waves, even when the trader hasn't heard of Elliott Waves;That's a fact. If you want to know more about Elliott Waves, read the Elliott Waves principle by Frost and Pretcher.

Here are some facts we would be working with.
Price moves in motive (5) & corrective waves (3). You just need to train your mind to learn to count the waves correctly.
Let me explain with an example: BTC/USDT (Bitcoin)
Can you clearly see the progression of price as waves?

I can't seem to figure out how to embed images correctly. So I will upload them all in sequence.

On the monthly timeframe, we can identify 5 waves, but there is a catch, the wave 2 correction was simple, the 4th wave might not be. We try not to label a wave completely until it completed and behind us. We have to be careful labeling b Wave or WXY as a motive.

Monthly: b of 4th wave or a of 5th wave
Weekly: same as monthly
Daily: Price has been in consolidation the last few candlesticks. A candlestick close outside the range of this consolidation is needed for resumption of bearish decline.
H4: oscillator making new price extremes without such movement in price is a characteristic of corrective formations, further confirms our bearish bias on this timeframe.

The purpose of this platform is to share some technical analysis knowledge with those interested in learning, for free; on this thread.
In my opinion, most local market participants make their decisions on fundamental analysis and market sentiments. The problem with these are numerous. They can't be measured, most of the information/data available to the retail trader is reactive/expired.
Just technical analysis, nothing more.

My analysis would be done using the following methods.
a. Fibonacci suite of tools
b. Principles of Elliott Waves
c. Chart patterns
d. Candlestick patterns
e. Oscillators, divergences & reversals

This is not a solicitation to participate in any WhatsApp group or investment program. Just an opportunity to help out a few people with questions about candlestick trading.

As long as it's a tradable asset; whether Forex, Cryptocurrency, Stocks or Metals, feel free to bring it up for Technical Analysis here.

How can you expect to find a great investment (trade setup) if you first of all don't know what a great investment (trade setup) looks like and you are not willing to invest the time to look for the investment

Robert Kiyosaki, Who Took My Money.

Hello folks,
Myself and a handful of traders collaborate in a trading room where we post chart formations and market patterns for all currency and cryptocurrency pairs.
This is not a signal group as we do not provide trading signals.
All members contribute their quota by being active.
You can ask other participants for expert opinions and also contribute.
Experienced traders only, the goal of this group is not to teach noobs how to trade, the goal is for experienced traders to collaborate and sharpen their edge.
Technical analysis, fundamental analysis and Market sentiments are allowed.

Limited spaces available. New traders are not invited

https:///tradingcurrencyclub