Technical analysis by kofc about Symbol BTC: Sell recommendation (11/30/2024)

In normal candlestick charts, although the W side is shown as ABC, it is very rare for the inner wave to be 1-5 by following the volumes in the "line view". Our expectation is that the Y wave will continue with sales. In Elliott Wave Theory, the general rules for W, X and Y corrections (double zigzag or other combinations) are as follows: W Wave: It can usually be a zigzag (ABC), a corrective structure (e.g. flat or expanded flat), or a more complex formation. However, the most common is a zigzag (ABC) structure. X Wave: The X wave is usually a connecting wave and mostly has a corrective structure (it can be zigzag, flat, or triangle). The X wave is usually expected to make a smaller retracement compared to the W. Y Wave: The Y wave is also usually formed as a zigzag (ABC). However, it can be seen as a double zigzag or as the second part of a more complex pattern. W Inside doesn't have to be just an ABC pattern, but the zigzag (ABC) pattern is most common. Other possibilities (flats or more complex corrections) can also be valid. It is important to consider the general context of the pattern and market conditions during Elliott wave analysis.